ACCN 2010 Chapter 6 Homework | Tulane University
- Tulane University / ACCN 2010
- 11 Jul 2021
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- Accounting & Economics Assignment Help / Finance
ACCN 2010 Chapter 6 Homework | Tulane University
ou
have the following information for Whispering Winds Corp. for the month ended
October 31, 2022. Whispering Winds uses a periodic method for inventory.
|
Date |
Description |
Units |
Unit Cost or Selling Price |
|||
|
Oct. 1 |
Beginning inventory |
55 |
$24 |
|||
|
Oct. 9 |
Purchase |
125 |
26 |
|||
|
Oct. 11 |
Sale |
90 |
35 |
|||
|
Oct. 17 |
Purchase |
90 |
27 |
|||
|
Oct. 22 |
Sale |
55 |
40 |
|||
|
Oct. 25 |
Purchase |
65 |
29 |
|||
|
Oct. 29 |
Sale |
100 |
40 |
|||
|
(a1) |
Calculate the
weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
(a2)
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.)
(a3)\
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%)
USA 
India