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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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