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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Qw000.7

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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