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You have the following information for Metlock Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Calculate ending inventory,
You have the following information for Metlock Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
Please show steps and how to do it.
You have the following information for Metlock Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 57 $ 23 Oct. 9 Purchase 116 25 Oct. 11 Sale 93 32 Oct. 17 Purchase 98 26 Oct. 22 Sale 62 37 Oct. 25 Purchase 71 28 Oct. 29 Sale 111 37 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 O decimal places, e.g. 5,125.) LIFO FIFO AVERAGE-COST The ending inventory $ 79 $ $ The cost of goods sold ta $ $ Gross profit $ $ $Step by Step Solution
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