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
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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe67b0e99-e599-43f3-8d36-ab3559279354%2F29db652a-6692-495b-bd71-5bfb982a1b34%2Fhgu7fh_processed.png&w=3840&q=75)
Transcribed Image Text: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
![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
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe67b0e99-e599-43f3-8d36-ab3559279354%2F29db652a-6692-495b-bd71-5bfb982a1b34%2Fc4bk6k_processed.png&w=3840&q=75)
Transcribed Image Text: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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