You have the following information for Kingbird, Inc. for the month ended October 31, 2022. Kingbird uses
Question:
You have the following information for Kingbird, Inc. for the month ended October 31, 2022. Kingbird uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 55 | $22 | |||
Oct. 9 | Purchase | 120 | 24 | |||
Oct. 11 | Sale | 90 | 45 | |||
Oct. 17 | Purchase | 90 | 25 | |||
Oct. 22 | Sale | 55 | 50 | |||
Oct. 25 | Purchase | 65 | 27 | |||
Oct. 29 | Sale | 100 | 50 |
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit | $enter weighted-average cost per unit in dollars |
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)
LIFO | FIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
The cost of goods sold | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Gross profit | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
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 | enter a gross profit rate in percentages rounded to 1 decimal place | % | enter a gross profit rate in percentages rounded to 1 decimal place | % | enter a gross profit rate in percentages rounded to 1 decimal place | % |
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso