Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that...

Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January.

Extracted text: Using FIFO method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Assume sales returns had a cost of $21 and purchase returns had a cost of $24.) Cost of goods sold $ Ending Inventory 2$ Gross Profit $ Using Average method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round average cost to 3 decimal places, e.g. 5.252 and final answers to 2 decimal places, e.g 5.25.) Cost of goods sold 2$ Ending Inventory $ Gross Profit $ Compare results for the two cost formulas. (1) In a period of rising costs, the average cost formula results in the cost of goods sold and v gross E


Extracted text: Gross Profit 24 Using Average method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round average cost to 3 decimal places, e.g. 5.252 and final answers to 2 decimal places, e.g 5.25.) Cost of goods sold 2$ Ending Inventory 24 Gross Profit $ Compare results for the two cost formulas. (1) In a period of rising costs, the average cost formula results in the cost of goods sold and gross E (2) In period of rising costs, on the statement of financial position, FIFO gives the ending inventory (representin Save for Later Attempts: 0 of 1 used Submit Answer