how do i calculate the gross prfoit rate under each tab ( LIFO,FIFO AVERAGE-COST) base off the attachment? You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodicmethod for inventory.Unit Cost orDateDescriptionQuantitySelling PriceJune1Beginning inventory39$41JunePurchase13946June10Sale11168June11Sale return1468June18Purchase5347June18Purchase return47June25Sale6873June28Purchase3251 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimalplace, e.g. 51.2%.)LIFOFIFOAVERAGE-COSTGross profit rate%%%

1. Calculation of cost of goods sold under FIFO Method : Date Number of units sold / sales…

You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 39 $41 June 4 Purchase 139 46 June 10 Sale 111 68 June 11 Sale return 14 68 June 18 Purchase 53 47 June 18 Purchase return 9. 47 June 25 Sale 68 73 June 28 Purchase 32 51

You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 39 $41 June 4 Purchase 139 46 June 10 Sale 111 68 June 11 Sale return 14 68 June 18 Purchase 53 47 June 18 Purchase return 9. 47 June 25 Sale 68 73 June 28 Purchase 32 51

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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