You have the following information for Sheffield Corp. for the month ended October 31, 2022....
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Accounting
You have the following information for Sheffield Corp. for the month ended October 31, 2022. Sheffield uses a periodic method for inventory. Date Units Description Beginning inventory Purchase Unit Cost or Selling Price $22 Oct. 1 70 Oct. 9 120 24 Oct. 11 Sale 90 35 Oct. 17 Purchase 90 25 Oct. 22 Sale 70 40 Oct. 25 Purchase 80 27 Oct. 29 Sale 100 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 24.528 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 $ 2260 $ 2660 $ 2460 The cost of goods sold $ $ $ Gross profit $ $ $ 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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