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Inventory data for Williams Door Company for the month of October are as follows: Date Oct 1 Oct 8 Oct 15 Oct 22 Oct 29 Item Beginning Inventory Purchase Purchase Purchase Purchase Units 50 50 55 60 55 Cost $150 $155 $160 $170 $175 During the month of October, Williams sold 250

Inventory data for Williams Door Company for the month of October are as follows: Date Oct 1 Oct 8 Oct 15 Oct 22 Oct 29 Item Beginning Inventory Purchase Purchase Purchase Purchase Units 50 50 55 60 55 Cost $150 $155 $160 $170 $175 During the month of October, Williams sold 250

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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5 Inventory data for Williams Door Company for the month of October are as follows: Date Oct 1 Oct 8 Oct 15 Oct 22 Oct 29 Item Beginning Inventory Purchase Purchase Purchase Purchase Units 50 50 55 60 55 Cost $150 $155 $160 $170 $175 During the month of October, Williams sold 250 units @ $210 each. Required: Compute the Cost of Goods Sold and Ending Inventory under 1. Average Cost 2. FIFO 3. LIFO 4. Prepare a Comparative Income Statement under the three methods. Operating Expenses are $4500. Calculate Gross Profit Percentage for each of the three methods. Round all numbers to the nearest dollar. Round percentages to two decimal places.
Transcribed Image Text:5 Inventory data for Williams Door Company for the month of October are as follows: Date Oct 1 Oct 8 Oct 15 Oct 22 Oct 29 Item Beginning Inventory Purchase Purchase Purchase Purchase Units 50 50 55 60 55 Cost $150 $155 $160 $170 $175 During the month of October, Williams sold 250 units @ $210 each. Required: Compute the Cost of Goods Sold and Ending Inventory under 1. Average Cost 2. FIFO 3. LIFO 4. Prepare a Comparative Income Statement under the three methods. Operating Expenses are $4500. Calculate Gross Profit Percentage for each of the three methods. Round all numbers to the nearest dollar. Round percentages to two decimal places.
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