Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have the following information for Pharoah Company for the month ended October 31, 2017. Pharoah Company uses a periodic method for inventory. Date Description

You have the following information for Pharoah Company for the month ended October 31, 2017. Pharoah Company uses a periodic method for inventory.

Date

Description

Units

Unit Cost or Selling Price

Oct. 1 Beginning inventory 59 $22
Oct. 9 Purchase 132 24
Oct. 11 Sale 98 37
Oct. 17 Purchase 103 25
Oct. 22 Sale 56 42
Oct. 25 Purchase 74 27
Oct. 29 Sale 102 42

Weighted-average cost per unit: 24.563

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(Round answers to 0 decimal place, e.g. 125.) (1) LIFO. (2) FIFO. (3) Average-cost.

The ending inventory $ $ $

The cost of goods sold $ $ $

Gross profit $ $ $

Gross profit rate % % %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Major Accounting Firms Understanding The Role Of Global Auditing Giants

Authors: Seth Nashe

1st Edition

B0CGKZ5Y2Q, 979-8859081318

More Books

Students also viewed these Accounting questions

Question

5. Recognize your ability to repair and let go of painful conflict

Answered: 1 week ago