Vincent Inc. for the month ended October 31, 2014.

Apr 15th, 2015
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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) Average-cost. (Round ans

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Weighted-average cost per unitTotal cost = 85*41 + 171*37+142*38+100*41= 3485 + 6327 + 5396 + 4100= 19308Weighted-average cost per unit = (85+171+142+100)= 409Weighted-average cost per unit = 19308/421= $45.862.LIFOUnits sold = 142+85+142= 369Units remaining = 85+171+142+100-369=129Cost of goods sold = 100*41 +142*38 + (369-142-100)*37= 4100 + 5396 + 4699= 14195Ending inventory = 24*37 +85*41= 888 + 3485 = 4373Gross Profit = 142*41+85*57+141*57 -9822= 5822 + 4845 + 8037 - 9822 = 8882FIFOCost of goods sold = 85*41 + (142-85)*37 + 85*37 + (171-57-85)*37 + (142-23)*38= 3485+2109+3145

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