Question
You have the following information for Sunland Inc. for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Description Units
You have the following information for Sunland Inc. for the month ended October 31, 2022. Sunland uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 58 | $25 | |||
Oct. 9 | Purchase | 116 | 27 | |||
Oct. 11 | Sale | 104 | 37 | |||
Oct. 17 | Purchase | 98 | 28 | |||
Oct. 22 | Sale | 57 | 42 | |||
Oct. 25 | Purchase | 69 | 30 | |||
Oct. 29 | Sale | 104 | 42 |
(a1)
Correct answer icon
Your answer is correct.
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit | $enter a dollar amount of the Weighted-average cost per unit rounded to 3 decimal places |
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(a2)
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Your answer is partially 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, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
LIFO | FIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $enter the ending inventory amount as per LIFO in dollars | $enter the ending inventory amount as per FIFO in dollars | $enter the ending inventory amount as per Average-cost in dollars | |||
The cost of goods sold | $enter the cost of goods sold amount as per LIFO in dollars | $enter the cost of goods sold amount as per FIFO in dollars | $enter the cost of goods sold amount as per Average-cost in dollars | |||
Gross profit | $enter the gross profit amount as per LIFO in dollars | $enter the gross profit amount as per FIFO in dollars | $enter the gross profit amount as per Average-cost in dollars |
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