Balances of Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory.

Date				Description		Amount		Unit Cost or Selling Price
June		1		Initial inventory		39		$39
June		4		Purchase		136		42
June		10		Sale		108		72
June		11		sale return		13		72
June		18		Purchase		52		44
June		18		purchase return		8		44
June		25		Sale		62		77
June		28		Purchase		26		49

 Required

Calculate the cost per unit.

Weighted average cost per unit

ps

Calculate ending inventory, cost of goods sold, and gross profit using each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost.

		LIFO		FIFO		AVERAGE COST
ending inventory		ps		ps		ps
cost of goods sold		ps		ps		ps
Gross profit		ps		ps		ps

Calculate the gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. 

		LIFO			FIFO			AVERAGE COST
gross profit rate			%			%			%

Compare the results of the three cost stream assumptions and answer the following questions.

In this period of rising prices,

gives the highest cost of goods sold and the

gross profit.

gives the lowest cost of goods sold and the lowest

gross profit.

Answer rating: 100% (QA)

Here are the calculations for Koetteritz Inc for the month ended June 30 2017 using LIFO FIFO and av... View the full answer