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Problem 6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Problem
Problem 6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.
Problem 6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description UnitsUnit Cost or Selling Price Beginning inventory Purchase Sale Purchase Sale Purchase Sale 60 120 100 100 60 70 110 $24 26 35 27 40 29 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit LINK TO TEXT LINK TO VIDEO 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 The cost of goods sold Gross profitStep by Step Solution
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