Question
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
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