Question: You have the following information for Van Gogh Inc. for the month ended October 31, 2017. Van Gogh uses a periodic method for inventory.
Instructions: (a) Calculate (i) ending inventory,
(ii) cost of goods sold,
(iii) gross profit, and
(iv) gross profit rate under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round cost per unit to three decimal places.)
(b) Compare results for the three cost flow assumptions.