Q1. You are provided with the following information for Diana Inc. for the month ended December 31, 2020. Diana uses the periodic method for inventory. Date Description Quantity Unit cost or Selling...


Q1. You are provided with the following information for Diana Inc. for the month ended December 31, 2020.<br>Diana uses the periodic method for inventory.<br>Date<br>Description Quantity Unit cost or Selling price ($)<br>December 1 Inventory<br>40<br>40<br>December 5 Purchase<br>135<br>43<br>December 7 Sale<br>110<br>70<br>December 8 Sale Return<br>15<br>70<br>December 10 Purchase<br>55<br>46<br>December 15 Sale<br>30<br>72<br>Requirements:<br>Calculate (i) ending inventory, (ii) cost of goods sold (through ending inventory), and (iii) gross profit under<br>each of the following methods-<br>a) FIFO<br>b) LIFO<br>c) Average Cost<br>

Extracted text: Q1. You are provided with the following information for Diana Inc. for the month ended December 31, 2020. Diana uses the periodic method for inventory. Date Description Quantity Unit cost or Selling price ($) December 1 Inventory 40 40 December 5 Purchase 135 43 December 7 Sale 110 70 December 8 Sale Return 15 70 December 10 Purchase 55 46 December 15 Sale 30 72 Requirements: Calculate (i) ending inventory, (ii) cost of goods sold (through ending inventory), and (iii) gross profit under each of the following methods- a) FIFO b) LIFO c) Average Cost

Jun 11, 2022
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