The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period

Question:

The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.


The beginning inventory for RTE Office Supplies and data on


Instructions
1. Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
4. Compare the gross profit and the August 31, 2014, inventories, using the following columnheadings:

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Related Book For  answer-question

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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