Cont of pictures:Calculate gross profit rate under each of the following methods1. LIFO2. FIFO3. Average-cost (Round answers to 1 decimal place, e.g. 51.2%) You have the following information for Bonita Industries for the month ended October 31, 2022. Bonita uses a periodicmethod for inventory.DateOct. 1Oct. 9Oct. 11Oct. 17Oct. 22Oct. 25DescriptionBeginning inventoryPurchaseSalePurchaseSalePurchaseOct. 29 SaleUnits6513090906575100Unit Cost or Selling PriceWeighted-average cost per unit $$22244525502750Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)The endinginventoryThe cost of goodssoldGross profit$$+A$LIFO$$+AFIFO$$$AVERAGE-COST4

The weighted Average Method, Last-in-first-out method [LIFO], and First-in-first-out [FIFO] are the…

Answered: Cont of pictures: Calculate gross…

Cont of pictures: Calculate gross profit rate under each of the following methods 1. LIFO 2. FIFO 3. Average-cost (Round answers

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Cont of pictures: 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%)

You have the following information for Bonita Industries for the month ended October 31, 2022. Bonita uses a periodic
method for inventory.
Date
Oct. 1
Oct. 9
Oct. 11
Oct. 17
Oct. 22
Oct. 25
Description
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Oct. 29 Sale
Units
65
130
90
90
65
75
100
Unit Cost or Selling Price
Weighted-average cost per unit $
$22
24
45
25
50
27
50
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

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.)
The ending
inventory
The cost of goods
sold
Gross profit
$
$
+A
$
LIFO
$
$
+A
FIFO
$
$
$
AVERAGE-COST
4

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