Problem: You are provided with the following information for Lahti Inc for the month ended October 31, 2005. Lahti uses to perpetual method of inventory.
|
Date
|
Description
|
Units
|
Unit Cost or Selling Price
|
|
Oct-01
|
Beginning Inventory
|
60
|
$25
|
|
Oct-09
|
Purchase
|
120
|
26
|
|
Oct-11
|
Sale
|
100
|
35
|
|
Oct-17
|
Purchase
|
70
|
27
|
|
Oct-22
|
Sale
|
60
|
40
|
|
Oct-25
|
Purchase
|
80
|
28
|
|
Oct-29
|
Sale
|
150
|
40
|
Required: Compute the ending inventory, cost of goods sold, and gross profit under the following methods:
i. FIFO
ii. LIFO
iii. Average Cost.
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