Reference no: EM132315852

Question : You have the following information for Wildhorse Co. for the month ended October 31, 2017. Wildhorse Co. uses a periodic method for inventory.

Date                   Description               Units         Unit Cost or Selling Price

Oct. 1          Beginning inventory            58                        $25

Oct. 9             Purchase                       116                       27

Oct. 11            Sale                             104                       37

Oct. 17           Purchase                        98                        28

Oct. 22            Sale                             57                         42

Oct. 25           Purchase                        69                         30

Oct. 29            Sale                             104                        42

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average cost per unit

$enter weighted-average cost per unit in dollars

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

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

The cost of goods sold

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

Gross profit

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

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_______%