You are provided with the following information for Windsor Inc. for the month ended June 30, 2019. Windsor uses the periodic method for inventory.

Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Weighted-average cost per unit $42.54.

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

(1) UFO.

(2) FIFO.

(3) Average-cost.

(Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

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Date June 1 June 4 June 10 Description Beginning inventory Purchase Sale Sale return June 11 June 18 June 18 June 25 Sale June 28 Purchase Purchase return Purchase Quantity 40 136 114 14 58 9 64 31 Unit Cost or Selling Price $38 42 73 73 44 44 78 48 The ending inventory The cost of goods sold Gross profit LINK TO TEXT Gross profit rate LIFO LINK TO TEXT LIFO $ % $ FIFO 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%.) AVERAGE-COST FIFO In this period of rising prices, LIFO gives the ✓ .... % AVERAGE-COST $ lowest highest $ $ VIDEO: SIMILAR PROBLEM % Compare the results for the three cost flow assumptions and answer the following questions. VIDEO: SIMILAR PROBLEM cost of goods sold and the gross profit. FIFO gives the cost of goods sold and the + gross pro Date June 1 June 4 June 10 Description Beginning inventory Purchase Sale Sale return June 11 June 18 June 18 June 25 Sale June 28 Purchase Purchase return Purchase Quantity 40 136 114 14 58 9 64 31 Unit Cost or Selling Price $38 42 73 73 44 44 78 48 The ending inventory The cost of goods sold Gross profit LINK TO TEXT Gross profit rate LIFO LINK TO TEXT LIFO $ % $ FIFO 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%.) AVERAGE-COST FIFO In this period of rising prices, LIFO gives the ✓ .... % AVERAGE-COST $ lowest highest $ $ VIDEO: SIMILAR PROBLEM % Compare the results for the three cost flow assumptions and answer the following questions. VIDEO: SIMILAR PROBLEM cost of goods sold and the gross profit. FIFO gives the cost of goods sold and the + gross pro

Answer rating: 100% (QA)

Unit Unit Cost Total Cost Beginning inventory 40 38 1520 Purchase 1 136 42 1... View the full answer