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You have the following information for Sunland Inc. for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price 58 116. 104 98 57 69 104 $25 27 37 28 42 30 42

You have the following information for Sunland Inc. for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price 58 116. 104 98 57 69 104 $25 27 37 28 42 30 42

FINANCIAL ACCOUNTING
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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You have the following information for Sunland Inc. for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 58 116 104 98 57 69 104 Unit Cost or Selling Price $25 27 37 28 42 30 42
Transcribed Image Text:You have the following information for Sunland Inc. for the month ended October 31, 2022. Sunland uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 58 116 104 98 57 69 104 Unit Cost or Selling Price $25 27 37 28 42 30 42
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) The ending inventory The cost of goods sold $ Gross profit 1A LIFO 5 $ FIFO SA A +A AVERAGE-COST
Transcribed Image Text:Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) The ending inventory The cost of goods sold $ Gross profit 1A LIFO 5 $ FIFO SA A +A AVERAGE-COST
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