Question
You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory. Date
You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 60 | $24 | |||
Oct. 9 | Purchase | 120 | 26 | |||
Oct. 11 | Sale | 100 | 35 | |||
Oct. 17 | Purchase | 100 | 27 | |||
Oct. 22 | Sale | 60 | 40 | |||
Oct. 25 | Purchase | 70 | 29 | |||
Oct. 29 | Sale | 110 | 40 |
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is incorrect.
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit | $enter weighted-average cost per unit in dollars |
eTextbook and Media
List of Accounts
Incorrect answer icon
Your answer is incorrect.
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 | $enter a dollar amount | $enter a dollar amount | |||
The cost of goods sold | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Gross profit | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
eTextbook and Media
List of Accounts
Incorrect answer icon
Your answer is incorrect.
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 a gross profit rate in percentages rounded to 1 decimal place | % | enter a gross profit rate in percentages rounded to 1 decimal place | % | enter a gross profit rate in percentages rounded to 1 decimal place | % |
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