Question
ANSWER ONLY C** You have the following information for Wildhorse Inc. for the month ended October 31, 2022. Wildhorse uses a periodic method for inventory.
ANSWER ONLY C**
You have the following information for Wildhorse Inc. for the month ended October 31, 2022. Wildhorse uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 55 | $ 26 | |||
Oct. 9 | Purchase | 121 | 28 | |||
Oct. 11 | Sale | 107 | 36 | |||
Oct. 17 | Purchase | 109 | 29 | |||
Oct. 22 | Sale | 62 | 41 | |||
Oct. 25 | Purchase | 67 | 31 | |||
Oct. 29 | Sale | 112 | 41 |
(a1)
Correct answer icon
Your answer is correct.
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit | $ enter a dollar amount of the Weighted-average cost per unit rounded to 3 decimal places |
eTextbook and Media
Assistance Used
- eTextbook
List of Accounts
Attempts: 2 of 5 used
(a2)
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
LIFO | FIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $ enter the ending inventory amount as per LIFO in dollars | $ enter the ending inventory amount as per FIFO in dollars | $ enter the ending inventory amount as per Average-cost in dollars | |||
The cost of goods sold | $ enter the cost of goods sold amount as per LIFO in dollars | $ enter the cost of goods sold amount as per FIFO in dollars | $ enter the cost of goods sold amount as per Average-cost in dollars | |||
Gross profit | $ enter the gross profit amount as per LIFO in dollars | $ enter the gross profit amount as per FIFO in dollars | $ enter the gross profit amount as per Average-cost in dollars |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started