2. Accounting
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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