You have the following information for Wirth Inc. for the month ended June 30, 2012. Wirth uses
Question:
You have the following information for Wirth Inc. for the month ended June 30, 2012. Wirth 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. (Round cost per unit to three decimal places.)(b) Compare results for the three cost flowassumptions.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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a Cost of Goods Available for Sale Date Explanation Units Unit Cost Total Cost June 1 Beginning inve...View the full answer
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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