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You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory.
You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory. Date Description Units Unit Cost orSelling PriceInstructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (Round weighted-average cost per unit to 3 decimal places and use the rounded amount for future computations. Round gross profit rate to 1 decimal place and all other answers to 0 decimal places.)(1) LIFO. (2) FIFO. (3) Average-cost.
