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%)Gross profit rateLIFO%FIFO%AVERAGE-COST% You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method forinventory.DateDescriptionUnitsUnit Cost or Selling PriceOct. 1Beginning inventory54$23Oct. 9Purchase13225Oct. 11Sale10834Oct. 17Purchase10326Oct. 22Sale5539Oct. 25Purchase6528Oct. 29Sale12139

(1 ) LIFO Method DatePurchase COGSBalance October 1 54 × 23 = $ 1242October 3132 ×…

Answered: Calculate gross profit rate under each…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ouration: SO man. Total sales revertue is found by the following formula: a. sales price x quantity of advertising b. saies price x quantity of direct labor c. sales prike xquantity of units purchased d. sales price x quantity of direct materials c. sales price x quantity of units sold
Required information Exercise 15-34 Determining Markup Percentage; Target ROI (LO 15-3) [The following information applies to the questions displayed below.] The following is cost and production data for the Wave Darter: Variable manufacturing cost Applied fixed manufacturing cost Absorption manufacturing cost Variable selling and administrative cost Allocated fixed selling and administrative cost Total cost Variable manufacturing cost Variable selling and administrative cost Total variable cost Exercise 15-34 Part 1 Based on planned monthly production of 41 units (or 492 units per year). t Rounded The target profit is $49,000, with planned sales equal to production. Per unit $ 370 220 590 55 100+ Markup percentage $745 $370 55 $425 Required: 1. Use the general formula for determining a markup percentage to compute the required markup percentage using variable manufacturing cost. (Round your percentage answer to 2 decimal places (i.e., .1234 should be entered as 12.34).) %
4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific Identification
Showing 1-6 of 6 items. 1. Which of the following statements is true? Gross margin = Net sales - Cost of goods sold ONet sales + Cost of goods sold Gross margin Gross margin - Cost of goods sold = Net sales Net sales + Gross margin = Cost of goods sold
The sales price for a product provides a gross profit of 14% of sales price. What is the gross profit as a percentage of cost? 14%. 16.28%. 12.28%. Not enough information is provided to determine.
I need help with accounting question
how do i calculate the gross prfoit rate under each tab ( LIFO,FIFO AVERAGE-COST) base off the attachment?
Which method would produce the same unit cost for Inventory and Cost of Good Sold in periods of rising prices? Select one: a. Weighted Average b. FIFO c. LIFO
When computing the cost-to-retail percentage for the average cost retail method, included in the denominator are: Multiple Choice Net markups and net markdowns. Neither net markups nor net markdowns. Net markups, but not net markdowns. Net markdowns, but not net markups.
Problem 8-06 Waterway Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,900 $18 2/4 Purchase 3,900 26 2/20 Sale 4,400 44 4/2 Purchase 4,900 34 11/4 Sale 4,100 48 Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 27.3675 SHOW SOLUTION LINK TO ΤΕXΤ
Computation of Gross Profit to Be Recognized under Percentage-of-Completion Method Total Estimated Cost Estimated Profit %24 Percentace-of Completion Gross Proft Estimated Profit Percentage-of-Completion 21
Hh1.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS