You have the following information for Novak Corp. for the month ended October 31, 2022. Novak uses a periodic method for inventory Date Units Unit Cost or Selling Price Description Beginning inventory Oct 1 60 $24 Oct. 9 Purchase 140 26 Oct 11 Sale 95 45 Oct 17 270 Purchase 95 Oct 22 Sale 50 60 Oct 25 Purchase 70 29 Oct 29 Sale 105 50 X Your answer is incorrect. Calculate the weighted average cost. (Round answer to 3 decimal places, eg. 5.125) Weighted average cost per unit $ 26.507 Calculate ending Inventory.cost of goods sold. gross profit under each of the following methods (3) LIFO (2) FIFO (3) Average-cost. (Round answers to decimal place, eg. 125.) LIFO FIFO AVERAGE-COST $ 2610 The ending inventory $ 2925 2783 7065 6700 $ 6892 The cost of goods sold S $460 $ 5825 5633 Gross pront X Your answer is incorrect Calculate gross proftrate under each of the following methods (1) LIFO (2) FIFO. 13) Average-cost. (Round answers to 1 decimal place.ex512%) UFO FIFO AVERAGE-COST Gross prohtrate 465 45.0 Sage Hill Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 110 $5 $ 550 12 Purchases 365 6 2,190 23 Purchases 210 7 1.470 30 Inventory 250 Your answer is correct. Calculate weighted average unit cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted average unit cost $ 6.146 X Your answer is incorrect Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to decimal places, eg. 125) FIFO LIFO Average cost 2190 600 $ 365 $ $ The cost of the ending inventory $ 210 7.00 s 1470 The cost of goods sold Current Attempt in Progress Oriole Company sells a snowboard, EZslide that is popular with snowboard enthusiasts. Below is information relating to Oriole Company's purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Oriole Company uses a periodic inventory system. Date Unit Cost Total Cost Explanation Units Inventory 14 Sept. 1 $102 $1428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 107 2.461 Totals 135 $14.229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to decimal places, es. 125.) LIFO AVERAGE-COST FIFO The ending inventory at September 30 (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, es. 125-153 and final answers to decimal places. 8. 125) FIFO AVERAGE-COST LIFO 5 Cost of goods sold Bramble Company's inventory records show the following data for the month of September: Units Unit Cost 110 $2.90 Inventory, September 1 Purchases: September 8 September 18 450 3.60 290 3.80 A physical inventory on September 30 shows 145 units on hand Calculate the value of ending inventory and cost of goods sold if the company uses FIFO Inventory costing and a periodic inventory system Ending Inventory $ Cost of goods sold $
