****I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE**** You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $26 Oct. 9 Purchase 125 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 70 45 Oct. 25 Purchase 80 31 Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $28.50 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 2660 2660 2850 The cost of goods sold 7895 7495 7695 Gross Proft 3780 4180 3980 ***** I JUST NEED THIS PART***** 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
****I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE**** You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $26 Oct. 9 Purchase 125 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 70 45 Oct. 25 Purchase 80 31 Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $28.50 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 2660 2660 2850 The cost of goods sold 7895 7495 7695 Gross Proft 3780 4180 3980 ***** I JUST NEED THIS PART***** 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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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****I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE****
You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory.
Date
|
Description
|
Units
|
Unit Cost or Selling Price
|
|||
---|---|---|---|---|---|---|
Oct. 1
|
Beginning inventory
|
70 | $26 | |||
Oct. 9
|
Purchase
|
125 | 28 | |||
Oct. 11
|
Sale
|
95 | 40 | |||
Oct. 17
|
Purchase
|
95 | 29 | |||
Oct. 22
|
Sale
|
70 | 45 | |||
Oct. 25
|
Purchase
|
80 | 31 | |||
Oct. 29
|
Sale
|
105 | 45 |
Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit |
$28.50
|
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 | 2660 | 2660 | 2850 | |||
The cost of goods sold
|
7895 | 7495 | 7695 | |||
Gross Proft | 3780 | 4180 | 3980 |
***** I JUST NEED THIS PART*****
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 |
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