I. Demont Inc. has the following information relating to the main product of the company for October 2022.
Unit Cost
Date Units Selling price
Oct 1 Beginning Inventory 60 $25
9 Purchase 120 26
11 Sale 100 35
17 Purchase 70 27
22 Sale 60 40
25 Purchase 80 28
29 Sale 110 40
Required:
1. Assuming that the company operates under the periodic inventory system,
Determine using FIFO (First-In-First-Out), LIFO (Last-In-First-Out) and AVERAGE:
a. Inventory at October 31, 2022 and cost of goods sold by October.
b. Total sales and gross profit for October 2022.
Show calculations.
2. Assuming that the company operates under the perpetual inventory system,
Determine using FIFO (First-In-First-Out), LIFO (Last-In-First-Out) y AVERAGE:
a. Inventory as at October 31, 2022, cost of goods sold and total purchases by October 2022. Use the format illustrated in tables.
b. Total sales and gross profit for October 2022.
