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  3. you are provided with the following information for koetteritz inc...

Question: you are provided with the following information for koetteritz inc...

Question details

You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory.

June 1- Beginning inventory 40@ $40

June 4- Purchase 135 @ $43

June 10- Sale 110 @ $70

June 11- Sale return 15 @ $70

June 18- Sale 55 @ $46

June 18- Purchase 10@ $46

June 25 - Purchase return 65 @ $76

June 28- Purchase 35@ $50

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.
(b) Compare results for the three cost flow assumptions.

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