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You have the following information for Skysong Inc. for the month ended October 31, 2022. Skysong uses a periodic method for inventory Date Units Description
You have the following information for Skysong Inc. for the month ended October 31, 2022. Skysong uses a periodic method for inventory Date Units Description Beginning inventory Unit Cost or Selling Price $26 Oct. 1 54 Oct. 9 Purchase 124 28 Oct. 11 Sale 109 37 Oct. 17 Purchase 104 29 Oct. 22 Sale 62 42 Oct. 25 Purchase 66 31 Oct. 29 Sale 107 42 (a 1) Your Answer Correct Answer (Used) Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted average cost per unit $ 28.557 (a2) Your answer is correct. 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, eg. 15.647 and final answers to decimal places, e.g. 5,125.) LIFO FIFO AVERAGE-COST The ending inventory $ 1.852 $ 2,162 1,999 The cost of goods sold $ 8,086 $ 7,776 $ 7.939 Gross profit $ 3,045 $ 3,355 3,192 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate % OR % %
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