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Question 1 of 1 1.33 / 4 View Policies Show Attempt History Current Attempt in Progress You have the following information for Metlock, Inc. for
Question 1 of 1
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You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock, Inc. uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 60 | $ 26 | |||
Oct. 9 | Purchase | 128 | 28 | |||
Oct. 11 | Sale | 109 | 34 | |||
Oct. 17 | Purchase | 110 | 29 | |||
Oct. 22 | Sale | 55 | 39 | |||
Oct. 25 | Purchase | 71 | 31 | |||
Oct. 29 | Sale | 118 | 39 |
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
*********QUESTION*********:
LIFO | FIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $ enter the ending inventory amount as per LIFO in dollars | $ enter the ending inventory amount as per FIFO in dollars | $ enter the ending inventory amount as per Average-cost in dollars | |||
The cost of goods sold | $ enter the cost of goods sold amount as per LIFO in dollars | $ enter the cost of goods sold amount as per FIFO in dollars | $ enter the cost of goods sold amount as per Average-cost in dollars | |||
Gross profit | $ enter the gross profit amount as per LIFO in dollars | $ enter the gross profit amount as per FIFO in dollars | $ enter the gross profit amount as per Average-cost in dollars |
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