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You have the following information for Splish Brothers Inc. for the month ended October 31, 2017.
Splish Brothers Inc. uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price
Oct. 1 Beginning inventory UNITS 62 FOR $23
Oct. 9 Purchase UNITS 118 FOR $ 25
Oct. 11 Sale UNITS 109 FOR $ 33
Oct. 17 Purchase UNITS 103 FOR $ 26
26 Oct. 22 Sale UNITS 61 FOR $38
Oct. 25 Purchase UNITS 65 FOR $ 28
Oct. 29 Sale UNITS 100 FOR $ 38
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
Gross profit rate for LIFO FIFO AVERAGE COST
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