Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Date

Description

Units

Unit Cost or Selling Price

Oct. 1 Beginning inventory 63 $24
Oct. 9 Purchase 113 26
Oct. 11 Sale 104 38
Oct. 17 Purchase 100 27
Oct. 22 Sale 63 43
Oct. 25 Purchase 76 29
Oct. 29 Sale 105 43

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

Weighted-average cost per unit

$enter the weighted-average cost per unit in dollars rounded to 3 decimal places

eTextbook and Media

List of Accounts

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.)

LIFO

FIFO

AVERAGE-COST

The ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places
The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places
Gross profit $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places

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

Step: 3

blur-text-image

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

Working Papers Volume 1 For Needles/Powers/Crossons Financial And Managerial Accounting 8th

Authors: Belverd E. Needles

8th Edition

0618777237, 978-0618777235

More Books

Students also viewed these Accounting questions