Question: Please help Not understanding fifo and lifo and average cost. You are provided with the following information for Koetteritz Inc. for the month ended June



Please help Not understanding fifo and lifo and average cost.




You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2020. Koetteritz uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 40 $40 June 4 Purchase 135 43 June 10 Sale 110 70 June 11 Sale return 15 70 June 18 Purchase 55 46 June 18 Purchase return 10 46 June 25 Sale 65 76 June 28 Purchase 35 50Calculate cost per unit. (Round answer to 2 decimal places, ea. 5.25.) Weighted-average cost per unit $ eTextbook and Media Assistance Used Your answer is partially correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory to 3,800 4,250 4,181.9 The cost of goods sold $ 7,425 $ 6,975 $ 7043.1 Gross profit $ 4,165 $ 4,615 $ 4,546.9Your answer is partially correct. Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate 35.9 % 39.8 % 39.2 %
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