The Ryan Corporation uses the periodic inventory method. The following data were available for the year ended October 31, 2021. Transaction Quantity Price Qty*Price Inventory October 31, 2020 6000 48000 March Purchase 1500 13500 May Purchase 1800 10 18000 June Purchase 800 11 8800 July Sales 6000 | 90000 15 Required (To prevent difficulties with rounding, please calculate the unit cost of ending inventory to two decimal places ): 1. Assuming the company uses FIFO, compute gross margin for the Ryan Company in the 2021 fiscal year. 2. Assuming the company uses LIFO, compute gross margin for the Ryan Company in the 2021 fiscal year. 3. Assuming the company uses the Weighted Average method, compute gross margin for the Ryan Company in the 2021 fiscal year.

The Ryan Corporation uses the periodic inventory method. The following data were available for the year ended October 31, 2021. Transaction Quantity Price Qty*Price Inventory October 31, 2020 6000 48000 March Purchase 1500 13500 May Purchase 1800 10 18000 June Purchase 800 11 8800 July Sales 6000 | 90000 15 Required (To prevent difficulties with rounding, please calculate the unit cost of ending inventory to two decimal places ): 1. Assuming the company uses FIFO, compute gross margin for the Ryan Company in the 2021 fiscal year. 2. Assuming the company uses LIFO, compute gross margin for the Ryan Company in the 2021 fiscal year. 3. Assuming the company uses the Weighted Average method, compute gross margin for the Ryan Company in the 2021 fiscal year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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