Question
Part one: Calculate cost per unit. (Round answer to 2 decimal places) Weighted-average cost per unit Part two: Calculate ending inventory, cost of goods sole,
Part one: Calculate cost per unit. (Round answer to 2 decimal places) Weighted-average cost per unit
Part two: Calculate ending inventory, cost of goods sole, and gross profit under each of the following methods: LIFO, FIFO, and Average Cost.
Part three: Calculate gross profit rate under each of the following methods: LIFO, FIFO, and Average-cost (Round answers to 1 decimal place)
You are provided with the following information for Cheyenne Inc. for the month ended June 30, 2019. Cheyenne uses the periodic method for inventory.
Date | Description | Quantity | Unit Cost or Selling Price | |||||
---|---|---|---|---|---|---|---|---|
June | 1 | Beginning inventory | 39 | $ 39 | ||||
June | 4 | Purchase | 137 | 43 | ||||
June | 10 | Sale | 112 | 72 | ||||
June | 11 | Sale return | 16 | 72 | ||||
June | 18 | Purchase | 58 | 45 | ||||
June | 18 | Purchase return | 8 | 45 | ||||
June | 25 | Sale | 63 | 77 | ||||
June | 28 | Purchase | 31 | 49 |
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