Question
You have the following information for Sunland Company for the month ended October 31, 2017. Sunland Company uses a periodic method for inventory. Date Description
You have the following information for Sunland Company for the month ended October 31, 2017. Sunland Company uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 55 | $23 | |||
Oct. 9 | Purchase | 113 | 25 | |||
Oct. 11 | Sale | 106 | 32 | |||
Oct. 17 | Purchase | 107 | 26 | |||
Oct. 22 | Sale | 62 | 37 | |||
Oct. 25 | Purchase | 75 | 28 | |||
Oct. 29 | Sale | 103 | 37 |
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 |
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 |
List of Accounts
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%)
LIFO | FIFO | AVERAGE-COST | |||||||
---|---|---|---|---|---|---|---|---|---|
Gross profit rate | enter percentages rounded to 1 decimal place | % | enter percentages rounded to 1 decimal place | % | enter percentages rounded to 1 decimal place | % |
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