Cost flow assumptions


The following information is given for McHugh Inc. for themonth ended October 31,2010. McHugh uses a periodic method forinventory.

Date                 Description                Units     UnitCost
Oct.1           BeginningInventory          60            25
Oct.9               Purchase                     120            26
Oct.11                Sale                          100            35
Oct. 17             Purchase                      90            27
Oct.22                Sale                            60            40
Oct. 25             Purchase                      80             29
Oct. 29                 Sale                         110            40

Calculate: ending inventory, cost of goods sold, gross profitand gross profit rate under each method:Compare the results for the three cost flow assumptions.

1) FIFO

2) LIFO

3) Average Cost

 

I only need hints I don't really expect anyone to solve thisproblem for me. Just looking for a little help.

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Accounting Basics: Cost flow assumptions
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