You have the following information for McBride Inc. for the month ended October 31, 2012. McBride uses a periodic method for inventory.
|
|
|
Unit Cost or
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Date
|
Description
|
Units
|
Selling Price
|
|
Oct. 1
|
Beginning inventory
|
60
|
$24
|
|
Oct. 9
|
Purchase
|
120
|
26
|
|
Oct. 11
|
Sale
|
100
|
35
|
|
Oct. 17
|
Purchase
|
100
|
27
|
|
Oct. 22
|
Sale
|
60
|
40
|
|
Oct. 25
|
Purchase
|
70
|
29
|
|
Oct. 29
|
Sale
|
110
|
40
|
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.