Question
You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Date Description Units
You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price |
Oct. 1 | Beginning Inventory | 60 | $24 |
Oct. 9 | Purchase | 121 | 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 |
(Part A - already done!)The weighted average cost per unit is $26.541
(Part B) 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 | $ | $ | $ |
The cost of goods sold | $ | $ | $ |
Gross Profit | $ | $ | $ |
(Part C) 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 | % | % | % |
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