Question: Step by step answer o are provided with the following information for Guillaume Inc. for the month ended June 30, 2016. Guillaume uses the periodic

Step by step answer

o are provided with the following information for Guillaume Inc. for the month ended June 30, 2016. Guillaume uses the periodic method for inventory Quantity Unit Cost or Selling Priss June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 40 135 110 15 $40 70 70 46 46 75 50 10 65 30 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (ii) gross profit and (iv) gro profit rate under each of the follows methods. Show all work (1) LIFO (2) FIFO (3) Average cost Solution # Extra Credit 1) LIFO METHOD-ENDING INVENTORY Sale Sale Rewan IS 116 Saae Pur chas

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