Problem 6-05A a1-a3

You have the following information for Nash's Trading Post, LLC for the month ended October 31, 2022. Nash uses a periodic method for inventory.

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		50		$24
Oct. 9		Purchase		130		26
Oct. 11		Sale		100		40
Oct. 17		Purchase		100		27
Oct. 22		Sale		50		45
Oct. 25		Purchase		60		29
Oct. 29		Sale		110		45

	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 weighted-average cost per unit in dollars

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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 0 decimal place, e.g. 125.)

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Gross profit		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

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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 rate		enter a gross profit rate in percentages rounded to 1 decimal place	%		enter a gross profit rate in percentages rounded to 1 decimal place	%		enter a gross profit rate in percentages rounded to 1 decimal place	%