Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 %

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions

Question

Identify the elements that make up the employee reward package.

Answered: 1 week ago

Question

Understand the purpose, value and drawbacks of the interview.

Answered: 1 week ago