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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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