Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have the following information for Oriole Inc. for the month ended October 31, 2022. Oriole uses a periodic method for inventory. Date Units Unit
You have the following information for Oriole Inc. for the month ended October 31, 2022. Oriole uses a periodic method for inventory. Date Units Unit Cost or Selling Price $24 59 Oct. 1 Oct. 9 Oct. 11 Description Beginning inventory Purchase Sale 26 110 100 35 Oct. 17 110 Oct. 22 64 Purchase Sale Purchase Sale 27 40 29 Oct. 25 63 Oct. 29 104 40 (al) Your answer is correct. Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 26.53 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 $ $ $ The cost of goods sold $ $ $ Gross profit $ $ e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started