You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system.Date Description Quantity Unit Cost orSelling PriceJune 1 Beginning inventory 40 $23 June 4 Purchase 135 26 June 10 Sale 110 53 June 11 Sale return 15 53 June 18 Purchase 55 29 June 18 Purchase return 10 29 June 25 Sale 65 59 June 28 Purchase 35 33 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

Sales Transactions Date Units Price Sales Value (units x price) 10-Jun Sales 110 53 5830…

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system.

Date	Description	Quantity	Unit Cost or Selling Price
June	1	Beginning inventory	40	$23
June	4	Purchase	135	26
June	10	Sale	110	53
June	11	Sale return	15	53
June	18	Purchase	55	29
June	18	Purchase return	10	29
June	25	Sale	65	59
June	28	Purchase	35	33

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

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