You are provided with the following information for Web Inc. for the month ended June 30, 2010.Web 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 Description Quantity Date June 1 $40 Beginning inventory 40 June 4 Purchase 135 44 110 June 10 Sale 70 June 11 Sale return 15 70 June 18 Purchase 55 46 June 18 Purchase return 10 46 June 25 Sale 65 75 June 28 Purchase 30 50