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Problem 6-5A
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
85
$34
Oct. 9
Purchase
171
37
Oct. 11
Sale
142
50
Oct. 17
Purchase
142
38
Oct. 22
Sale
85
57
Oct. 25
Purchase
100
41
Oct. 29
Sale
157
57
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit
$
SHOW SOLUTION
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
$
$
$
SHOW SOLUTION
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Averagecost. (Round answers to 1 decimal place, e.g. 51.2%)
LIFO
Gross profit rate
%
FIFO
%
AVERAGE-COST
%
Problem 6-5A
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
85
$34
Oct. 9
Purchase
171
37
Oct. 11
Sale
142
50
Oct. 17
Purchase
142
38
Oct. 22
Sale
85
57
Oct. 25
Purchase
100
41
Oct. 29
Sale
157
57
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit
$
SHOW SOLUTION
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
$
$
$
SHOW SOLUTION
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Averagecost. (Round answers to 1 decimal place, e.g. 51.2%)
LIFO
Gross profit rate
%
FIFO
%
AVERAGE-COST
%
Problem 6-5A
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
85
$34
Oct. 9
Purchase
171
37
Oct. 11
Sale
142
50
Oct. 17
Purchase
142
38
Oct. 22
Sale
85
57
Oct. 25
Purchase
100
41
Oct. 29
Sale
157
57
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit
$
SHOW SOLUTION
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
$
$
$
SHOW SOLUTION
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Averagecost. (Round answers to 1 decimal place, e.g. 51.2%)
LIFO
Gross profit rate
%
FIFO
%
AVERAGE-COST
%
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