Problem 6-5A

You have the following information for Van Gogh Inc. for the month ended October 31, 2017. Van Gogh Inc. uses a periodic method for inventory.

Oct. 1 Beginning inventory 60 $24

Oct. 9 Purchase 120 26

Oct. 11 Sale 100 35

Oct. 17 Purchase 100 27

Oct. 22 Sale 60 40

Oct. 25 Purchase 70 29

Oct. 29 Sale 110 40

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 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 0 decimal place, e.g. 125.)

The ending inventory $ $ $

The cost of goods sold $ $ $

Gross profit $ $ $

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%)

Gross profit rate % % %

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