Question

You are provided with the following information for Kingbird Inc. for the month ended June 30, 2019. Kingbird uses the periodic system for inventory.
HELP!!!

Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

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

Calculate gross profit rate under each of the following methods (1) LIFO (2) FIFO (3) Average-cost

Compare the results for the three cost flow assumptions and answer the following questions:

In this period of rising prices, LIFO gives the ____ cost of goods sold and the ____ gross profit. FIFO gives the ___ cost of goods sold and the ____ gross profit.

Date				Description		Quantity		Unit Cost or Selling Price
June		1		Beginning inventory		39		$39
June		4		Purchase		136		43
June		10		Sale		108		69
June		11		Sale return		13		69
June		18		Purchase		55		45
June		18		Purchase return		8		45
June		25		Sale		67		74
June		28		Purchase		28		49

Answer 1

Date			Description		Quantity	Unit Cost or	total cost
						Selling Price
June	1		Beginning inventory		39	$39	$1,521
June	4		Purchase		136	43	$5,848
June	18		Purchase		55	45	$2,475
June	18		Purchase return		-8	45	($360)
June	28		Purchase		28	49	$1,372
				total	250		$10,856
sales
June	10		Sale		108	69	$7,452
June	11		Sale return		-13	69	($897)
June	25		Sale		67	74	$4,958
			total sales		162		$11,513
ending inventory					88
weighted-average cost per unit.				10856/250	$43.42
1 LIFO
Ending inventory				$3,628
Cost of good sold				$7,228
gross profit			sales-COGS	$4,285
			11513-7228
inventory
Date			Description		Quantity	Unit Cost or	total cost
						Selling Price
June	1		Beginning inventory		39	$39	$1,521
June	4		Purchase		49	43	$2,107
				total	88		$3,628
Cost of good sold
Date			Description		Quantity	Unit Cost or	total cost
						Selling Price
June	4		Purchase		87	43	$3,741
June	18		Purchase		47	45	$2,115
June	28		Purchase		28	49	$1,372
				total	162		$7,228
FIFO
Ending inventory				$4,046
Cost of good sold				$6,810
gross profit			sales-COGS	$4,703
			11513-6810
inventory
Date			Description		Quantity	Unit Cost or	total cost
						Selling Price
June	4		Purchase		13	43	$559
June	18		Purchase		47	45	$2,115
June	28		Purchase		28	49	$1,372
				total	88		4046
Cost of good sold
Date			Description		Quantity	Unit Cost or	total cost
						Selling Price
June	1		Beginning inventory		39	$39	$1,521
June	4		Purchase		123	43	$5,289
				total	162		$6,810
ans 3 average cost
				using average cost rounded to two decimal	if not rounded off
Ending inventory			88x43.42	3821	3821
Cost of good sold			162x43.42	7034	7035
gross profit			11513-7034	4479	4479
LIFO gives higher COGS and lower gross profit
FIFO gives lower COGS and higher gross profit
if any doubt please comment