You have the following information for Metlock, Inc. for the month ended October 31, 2022....
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Accounting
You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory.
Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory
65
$22
Oct. 9
Purchase
140
24
Oct. 11
Sale
100
40
Oct. 17
Purchase
100
25
Oct. 22
Sale
65
45
Oct. 25
Purchase
75
27
Oct. 29
Sale
110
45
A) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit
=
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
$
$
$
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
%
%
%
Answer & Explanation
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