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You have the following information for Novak Corp. for the month ended October 31, 2022. Novak uses a periodic method for inventory. Date Description Units

You have the following information for Novak Corp. for the month ended October 31, 2022. Novak uses a periodic method for inventory.

Date

Description

Units

Unit Cost or Selling Price

Oct. 1

Beginning inventory

60 $24

Oct. 9

Purchase

140 26

Oct. 11

Sale

95 45

Oct. 17

Purchase

95 270

Oct. 22

Sale

60 50

Oct. 25

Purchase

70 29

Oct. 29

Sale

105 50

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

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.)

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%)

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