Question
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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