Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have the following information for Vaughn Manufacturing for the month ended October 31, 2022. Vaughn uses a periodic method for inventory. Date Units Oct.
You have the following information for Vaughn Manufacturing for the month ended October 31, 2022. Vaughn uses a periodic method for inventory. Date Units Oct. 1 Description Beginning inventory Purchase 70 Unit Cost or Selling Price $24 26 Oct. 9 125 Oct. 11 Sale 95 35 Oct. 17 Purchase 95 27 Oct. 22 Sale 70 40 Oct. 25 Purchase 80 29 105 Oct. 29 Sale 105 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $ 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 O decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ $ ta The cost of goods sold $ $ Gross profit $ $ $ 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 % % %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started