You have the following information for Carla Vista Inc. for the month ended October 31, 2025. Carla Vista uses a periodic system for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Oct. 9 Purchase 130 Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase ྴ ཀྵ ྴ ྴ ྴ $26 28 45 29 50 65 31 Oct. 29 Sale 105 50 (a1) (a2) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to 0 decimal places, e.g. 125.) LIFO Ending inventory $ $ FIFO AVERAGE-COST $ Cost of goods sold $ $ $ Gross profit $ $ $
You have the following information for Carla Vista Inc. for the month ended October 31, 2025. Carla Vista uses a periodic system for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Oct. 9 Purchase 130 Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase ྴ ཀྵ ྴ ྴ ྴ $26 28 45 29 50 65 31 Oct. 29 Sale 105 50 (a1) (a2) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to 0 decimal places, e.g. 125.) LIFO Ending inventory $ $ FIFO AVERAGE-COST $ Cost of goods sold $ $ $ Gross profit $ $ $
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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Step 1: Define periodic inventory system:
VIEWStep 2: Determine the ending inventory, cost of goods god and gross profit under LIFO:
VIEWStep 3: Determine the ending inventory, cost of goods sold and gross profit under FIFO:
VIEWStep 4: Determine the ending inventory, cost of good sold and gross profit using average cost:
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