Question: i need help in part b using average method to calculate cost of goods sold , ending inventory and gross profit Flounder inc is a

i need help in part b using average method to calculate cost of goods sold , ending inventory and gross profit
i need help in part b using average method to calculate cost
of goods sold , ending inventory and gross profit Flounder inc is
a retailer using a perpetual imventory system. All sales returns from customers
result in the goods being returned to inventory. (Assume that the imventory

Flounder inc is a retailer using a perpetual imventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the imventory is not damaged.) Assume that there are no credit transactions; alf amounts are settled in cash. You are provided with the following information for Flounder inc for the month of January. Using FIFO method, calculate (i) cost of goods sold, (ii) ending imventory, and (iii) gross profit. (Assume sales returns had a cost of $19 and purchase returns had a cost of \$24.) Cost of goods sold $19 and purchase returns had a cost of $24. Cost of goods sold Ending Imventory Gross Proft eTextbook and Media Attempts: 5 of 15 used (b) Using Average method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round average cost to 3 decimal ploces, es. 5.252 and final answers to 2 decimal ploces, es 5.25.) Using Average method, calculate (i) cost of goods sold, (ii) ending imventory, and (iii) gross profit. (Round overage cost to 3 decimat ploces, e8. 5.252 and final onswers to 2 decimal ploces, eg 5.25.) Cost of goods sold Ending liventory Gross Profit

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