Calculate ending inventory cost of goods sold gross profit

Reference no: EM13604968

You have the following information for McHugh Inc. for the month ended October 31, 2010. McHugh uses a periodic method for inventory.

Unit Cost or
Date Description Units Selling Price
Oct. 1 Beginning inventory 75 $31
Oct. 9 Purchase 149 32
Oct. 11 Sale 124 44
Oct. 17 Purchase 112 34
Oct. 22 Sale 75 50
Oct. 25 Purchase 99 36
Oct. 29 Sale 137 50

Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under each of the following methods. (When calculating average cost per unit round to 3 decimal places, e.g. 2.540. Round gross profit rate to 1 decimal place, e.g. 50.5 and all other answers to 0 decimal places, e.g. 5,550.)
(1) LIFO.
(2) FIFO.
(3) Average cost.

Ending inventory $ $ $
Cost of goods sold $ $ $
Gross profit $ $ $
Gross profit rate % % %

Reference no: EM13604968

Questions Cloud

Find the expected number of games that you play find the : each game you play is a win with probability p. you plan to play 5 games but if you win the fifth game then you will

There are 10 employees in a particular division of a : there are 10 employees in a particular division of a company. their salaries have a mean of 80000 a median of 60000 and

For an alloy that consists of 90 at zn and 10 at cu what : for an alloy that consists of 90 at zn and 10 at cu what are the concentrations a of zn in weight percent and b of cu

Rooneyinc recently completed a 4-for-3 stock split its : rooneyinc. recently completed a 4-for-3 stock split. its stock price was 80 per share. the firms total market value

Calculate ending inventory cost of goods sold gross profit : you have the following information for mchugh inc. for the month ended october 31 2010. mchugh uses a periodic method

What is the composition in atom percent of an alloy that : what is the composition in atom percent of an alloy that consists of a 90.5 wt ag and b 9.5 wt cu? assume that the

How much energy is required to cool a single droplet of : you are a professional frontier re-enactor who specializes in making lead shot. to do this you put 2 kg of ice into 2

To what extent if any should store employees - many of whom : to what extent if any should store employees - many of whom will be university students working part-time - be

Using the following information prepare a factory overhead : using the following information prepare a factory overhead flexible budget for andover company where 6000 units is

User Account

All Pages