Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have the following information forina Colada Inc. for the month ended October 31, 2022. Pina Colada uses a periodic method for inventory. Date Description
You have the following information forina Colada Inc. for the month ended October 31, 2022. Pina Colada uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Oct. 9 Purchase Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct 25 Purchase Oct. 29 Sale: 56 $22 108 24 94 32 94 25 56 37 71 27 104 37 Your answer is correct. Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted-average cost per unit $ 24.593 eTextbook and Media List of Accounts (a2) Your answer is correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. Attempts: 1 of 3 used (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125) (1) LIFO. The ending inventory The cost of goods sold Gross profit S LIFO 1.688 6.403 2525 A FIFO 2,017 6.074 AVERAGE-COST 1844 6.247 2.854 2.681 X 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, eg. 52%) Gross profit rate eTextbook and Media List of Accounts LIFO 19 % FIFO 23 %6 AVERAGE-COST 21 %
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