You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory.Date Description Units Unit Cost or Selling PriceOct. 1 Beginning inventory 60 $24Oct. 9 Purchase 120 26Oct. 11 Sale 100 35Oct. 17 Purchase 100 27Oct. 22 Sale 60 40Oct. 25 Purchase 70 29Oct. 29 Sale 110 40 Weighted-average cost per unit $26.543 Your answer is partially correct.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.)LIFOFIFOAVERAGE-COSTThe ending inventory$2123.43The cost of goods sold$$Gross profit2$$eTextbook and MediaList of Accounts%24%24%24 X Your answer is incorrect.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%)LIFOFIFOAVERAGE-COSTGross profit%rateeTextbook and MediaList of Accounts

Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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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 Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory.

Date	Description	Units	Unit Cost or Selling Price
Oct. 1	Beginning inventory	60	$24
Oct. 9	Purchase	120	26
Oct. 11	Sale	100	35
Oct. 17	Purchase	100	27
Oct. 22	Sale	60	40
Oct. 25	Purchase	70	29
Oct. 29	Sale	110	40

Weighted-average cost per unit $26.543

Your answer is partially correct.
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.)
LIFO
FIFO
AVERAGE-COST
The ending inventory
$
2123.43
The cost of goods sold
$
$
Gross profit
2$
$
eTextbook and Media
List of Accounts
%24
%24
%24

X Your answer is incorrect.
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
eTextbook and Media
List of Accounts

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