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Examples of Inventory Control Methods

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Calculate ending inventory, cost of goods, gross profit, and gross profit rate under each of the following methods LIFO, FIFO, and Average cost.

Date Description Quantity Unit cost or Selling Price
June  1 Beginning inventory 25 $60
June  4 Purchase 85  64
June 10 Sale 70   90
June 11 Sale return  5  90
June 18 Purchase 40  68
June 18 Purchase return 15  68
June 25 Sale 50  95
June 28 Purchase 20   75

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Detailed instructions on the use of the various inventory control methods. Including LIFO, FIFO, and average cost.

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