Question
You have the following information for Metlock, Inc. for the month ended October 31, 2017. Metlock, Inc. uses a periodic method for inventory. Date Description
You have the following information for Metlock, Inc. for the month ended October 31, 2017. 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 the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $enter the Weighted-average cost per unit in dollars rounded to 3 decimal places 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 rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places Gross profit $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places 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 percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place %
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