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(Solution) - You are provided with the following information for Web Inc

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You are provided with the following information for Web Inc. for the month ended June 30, 2010.Web uses the periodic method for inventory.

(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.
(1) LIFO. (2) FIFO. (3) Average-cost.
(b) Compare results for the three cost flowassumptions.


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This question was answered on: Jul 11, 2017

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