FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

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 periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 39 $41 June Purchase 139 46 June 10 Sale 111 68 June 11 Sale return 14 68 June 18 Purchase 53 47 June 18 Purchase return 47 June 25 Sale 68 73 June 28 Purchase 32 51
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Transcribed Image Text: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 Purchase 139 46 June 10 Sale 111 68 June 11 Sale return 14 68 June 18 Purchase 53 47 June 18 Purchase return 47 June 25 Sale 68 73 June 28 Purchase 32 51
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate % % %
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Transcribed Image Text:Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate % % %
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