You are provided with tie following information for Santa Ltd. For the month ended October 31,...
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You are provided with tie following information for Santa Ltd. For the month ended October 31, 2020. Date Description Units Unit cost or selling price Oct. 1 Beginning inventory 60 € 24 Oct. 9 Purchase 120 26 Oct. 11 Sale 130 35 Oct. 17 Purchase 70 27 Oct. 22 Sale 65 40 Oct. 25 Purchase 80 28 Oct. 29 Sale 90 40 Instruction a. Calculate (1) ending inventory, (2) cost of goods sold, (3) gross profit, and (4) gross profit rate under each of the following methods with each of periodic method for inventory and a perpetual inventory system. 1. FIFO 2. Average-cot 3. LIFO b. Compare results for each cost flow assumptions. (I revise the problem to practice the LIFO and perpetual inventory systems) You are provided with tie following information for Santa Ltd. For the month ended October 31, 2020. Date Description Units Unit cost or selling price Oct. 1 Beginning inventory 60 € 24 Oct. 9 Purchase 120 26 Oct. 11 Sale 130 35 Oct. 17 Purchase 70 27 Oct. 22 Sale 65 40 Oct. 25 Purchase 80 28 Oct. 29 Sale 90 40 Instruction a. Calculate (1) ending inventory, (2) cost of goods sold, (3) gross profit, and (4) gross profit rate under each of the following methods with each of periodic method for inventory and a perpetual inventory system. 1. FIFO 2. Average-cot 3. LIFO b. Compare results for each cost flow assumptions. (I revise the problem to practice the LIFO and perpetual inventory systems)
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1 Ending Inventory 45 2400 108000 2 Cost of Goods Sold 285 761000 3 Gross ... View the full answer
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