am. 113. You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system.Unit Cost orSelling Price$21DateDescriptionJune 1 Beginning inventoryJune 4PurchaseJune 10 SaleJune 11 Sale returnJune18June 18 Purchase returnJune 25SaleJune 28 PurchasePurchaseQuantity40135110155510653524515127275731 You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodicinventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the followingmethods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

Periodic Inventory system is a system where inventory is maintained in different methods as per the…

You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

Cornerstones of Financial Accounting

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Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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Question

am. 113.

You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system.
Unit Cost or
Selling Price
$21
Date
Description
June 1 Beginning inventory
June 4
Purchase
June 10 Sale
June 11 Sale return
June
18
June 18 Purchase return
June 25
Sale
June 28 Purchase
Purchase
Quantity
40
135
110
15
55
10
65
35
24
51
51
27
27
57
31

You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic
inventory system. Calculate ending inventory, cost of goods sold, gross profit under each of the following
methods. (1) LIFO. (2) FIFO. (3) Average cost. (Round average - cost method answers to 2 decimal places, e.g
. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

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