Question

Determine the missing items: Trust Me reports the following information regarding merchandise in it's store's inventory for the month of October. Assume that Trust Me uses the periodic system and that 220 units of merchandise were on hand on October 31. a. What is the cost of goods available for sale for October? b. How many beach umbrellas were available for sale during October? c. What is the cost of ending inventory under LIFO? d. How much is cost of goods sold under FIFO? e. If Trust Me has sales of $125,000 in October and uses the weighted average method, how much is the gross profit for October?

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