You have the following information for Blue Spruce Corp. for the month ended October 31, 2017....
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You have the following information for Blue Spruce Corp. for the month ended October 31, 2017. Blue Spruce Corp. uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $26 Oct. 9 Purchase 128 28 Oct. 11 Sale 104 33 Oct. 17 Purchase 108 29 Oct. 22 Sale 64 38 Oct. 25 Purchase 75 31 Oct. 29 Sale 103 38 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ 2524 2$ 2876 2$ 2690 The cost of goods sold $ 7921 $ 7569 $ 7755 Gross profit $ 1857 $ 2209 $ 2195 eTextbook and Media List of Accounts 2 Your answer is incorrect. 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 20.4 % 23.93 % 22.1 % rate %24 You have the following information for Blue Spruce Corp. for the month ended October 31, 2017. Blue Spruce Corp. uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $26 Oct. 9 Purchase 128 28 Oct. 11 Sale 104 33 Oct. 17 Purchase 108 29 Oct. 22 Sale 64 38 Oct. 25 Purchase 75 31 Oct. 29 Sale 103 38 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ 2524 2$ 2876 2$ 2690 The cost of goods sold $ 7921 $ 7569 $ 7755 Gross profit $ 1857 $ 2209 $ 2195 eTextbook and Media List of Accounts 2 Your answer is incorrect. 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 20.4 % 23.93 % 22.1 % rate %24
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Total sales amount 10433 6438 10338 3432 2432 3914 9778 Gros... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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