Calculate ending inventory, cost of goods sold, gross margin, and gross margin rate under periodic method; compare results.
| Calculate ending inventory, cost of goods sold, gross margin, and gross margin rate under periodic method; compare results. | |||||||||
| You are provided with the following information for Molly Inc. for the month ended October 31, 2014. Molly uses a periodic method for inventory. | |||||||||
| Date | Description | Units | Unit Cost/ Selling Price | Beginning Inv | Date | Description | Units | Unit Cost/ Selling Price | Revenue from Sales |
| October 1 | Beginning inventory | 60 | $24 | $1,440 | |||||
| October 9 | Purchase | 120 | 26 | $3,120 | |||||
| October 11 | Sale | 100 | 35 | $3,500 | |||||
| October 17 | Purchase | 70 | 27 | $1,890 | |||||
| October 22 | Sale | 65 | 40 | $2,600 | |||||
| October 25 | Purchase | 80 | 28 | $2,240 | |||||
| October 29 | Sale | 120 | 40 | $4,800 | |||||
| 330 | $8,690 | 285 | $10,900 | ||||||
| Average Cost per unit | |||||||||
| Inventory Units remaining after Sales | |||||||||
| Sales Revenue | |||||||||
| Instructions | |||||||||
| (a) Calculate (i) ending inventory, (ii) cost of goods sold, | |||||||||
| LIFO, FIFO and average cost |
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