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Home > Business & Careers > Accounting   »   Periodic Inventory

 
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Old Mar 10, 2007, 05:51 PM
angel17
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Periodic Inventory

hey, can someone help me with this problem? its about periodic inventory FIFO, LIFO, and Average cost. thank you in advance

Date Description Units Unit Cost
10/1 Beginning inventory 60 $25
10/9 Purchase 120 $27
10/11 Sale 100 $35
10/17 purchase 90 $28
10/22 sale 60 $40
10/25 purchase 80 $29
10/29 sale 120 $40

what is the ending inventory, cst of goods sold, gross profit, and gross profit rate under each of the following methods
1.LILo
2. FIFO
3. Average cost.

and one more question
whatis the differences between periodic inventiry adn perpetual inventory system

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