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I need help answering these. You have the following information for Wildhorse Co. for the month ended October 31, 2017. Wildhorse Co. uses a periodic
I need help answering these.
You have the following information for Wildhorse Co. for the month ended October 31, 2017. Wildhorse Co. uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 58 Oct. 9 Purchase Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted average cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted average cost per unit $ Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to O decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ The cost of goods sold $ A AA AAA Gross profit A Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rateStep by Step Solution
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