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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F308db737-7862-446c-973d-78bf4e1d9584%2F8e196847-019b-4059-a806-57ca34b714c4%2F7z879id_processed.png&w=3840&q=75)
Transcribed Image Text: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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F308db737-7862-446c-973d-78bf4e1d9584%2F8e196847-019b-4059-a806-57ca34b714c4%2F0nh9dm7_processed.png&w=3840&q=75)
Transcribed Image Text: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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