You are provided with the following information for Lahti Inc. for the month ended June 30, 2014. Lahti uses the periodic method for inventory.

Instructions
(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost.
(b) Compare results for the three cost flowassumptions.

Transcribed Image Text:

Unit Cost or Selling Price $40 43 70 70 46 46 75 50 Date Quantity 40 135 110 15 Description June Beginning inventory Junc 4 June 10 June 11 June 18 June 18 Junc 25 Junc 28 chase Purchasoe Sale Sale return Purchasoe Purchase return Sale 10 60 30