Question
You have the following information for Nash's Trading Post, LLC for the month ended October 31, 2022. Nash uses a periodic method for inventory. Date
You have the following information for Nash's Trading Post, LLC for the month ended October 31, 2022. Nash uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 50 | $24 | |||
Oct. 9 | Purchase | 130 | 26 | |||
Oct. 11 | Sale | 100 | 40 | |||
Oct. 17 | Purchase | 100 | 27 | |||
Oct. 22 | Sale | 50 | 45 | |||
Oct. 25 | Purchase | 60 | 29 | |||
Oct. 29 | Sale | 110 | 45 |
(a1)
Correct answer iconYour answer is correct.
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit | $enter weighted-average cost per unit in dollars |
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(a2)
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
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 | $enter a dollar amount | $enter a dollar amount | |||
The cost of goods sold | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Gross profit | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount
|
I NEED THE END INVENTORY
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