You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory.
| Date |
Description |
Quantity
|
Unit Cost or
Selling Price |
| June |
1 |
Beginning inventory |
42 |
$40 |
| June |
4 |
Purchase |
139 |
43 |
| June |
10 |
Sale |
112 |
73 |
| June |
11 |
Sale return |
14 |
73 |
| June |
18 |
Purchase |
55 |
46 |
| June |
18 |
Purchase return |
9 |
46 |
| June |
25 |
Sale |
68 |
79 |
| June |
28 |
Purchase |
30 |
49 |
Weighted-average cost per unit?
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.