Problem 6-5A You have the following information for Vincent Inc. for the month e
ID: 2337500 • Letter: P
Question
Problem 6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Beginning inventory Purchase Sale Purchase Sale Purchase Sale 68 136 114 114 68 80 125 $27 30 40 31 45 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit d SHOW LIST OF ACCOUNTS 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.) IFO FIFO AVERAGE-CO The ending inventory $ The cost of goods sold Gross profit 3960 $Explanation / Answer
Units Unit cost Total Beg. Inv. 68 27 1836 9-Oct 136 30 4080 17-Oct 114 31 3534 25-Oct 80 33 2640 Total 398 12090 Sales = (114*40)+(68*45)+(125*45)= $13245 1 Weighted average cost per unit = 12090/398 = $30.377 2 LIFO: The ending inventory 2526 =(68*27)+(23*30) The cost of goods sold 9564 =12090-2526 Gross Profit 3681 =13245-9564 FIFO: The ending inventory 2981 =(80*33)+(11*31) The cost of goods sold 9109 =12090-2981 Gross Profit 4136 =13245-9109 Average cost The ending inventory 2764 =91*30.377 The cost of goods sold 9326 =12090-2764 Gross Profit 3919 =13245-9326