You have the following information for Nash's Trading Post, LLC for the month ended October 31,...
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You have the following information for Nash's Trading Post, LLC for the month ended October 31, 2022. Nash 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 50 130 100 100 50 Weighted-average cost per unit $ 60 110 $24 26 40 27 45 29 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) 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 O decimal place, e.g. 125.) The ending inventory The cost of goods sold Gross profit List of Accounts $ $ eTextbook and Media Gross profit rate $ LIFO LIFO $ 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%) % $ $ FIFO FIFO % $ $ $ AVERAGE-COST AVERAGE-COST % You have the following information for Nash's Trading Post, LLC for the month ended October 31, 2022. Nash 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 50 130 100 100 50 Weighted-average cost per unit $ 60 110 $24 26 40 27 45 29 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) 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 O decimal place, e.g. 125.) The ending inventory The cost of goods sold Gross profit List of Accounts $ $ eTextbook and Media Gross profit rate $ LIFO LIFO $ 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%) % $ $ FIFO FIFO % $ $ $ AVERAGE-COST AVERAGE-COST %
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Answer rating: 100% (QA)
To calculate the weightedaverage cost we need to determine the total cost and total units purchased during the month Total units purchased 130 100 100 330 units Total cost of purchases 130 units 26 10... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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