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You have the following information for Metlock, Inc. for the month ended October 31, 2022....

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Question

Accounting

You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory.

Date

Description

Units

Unit Cost or Selling Price

Oct. 1

Beginning inventory

 65 $22

Oct. 9

Purchase

 140 24

Oct. 11

Sale

 100 40

Oct. 17

Purchase

 100 25

Oct. 22

Sale

 65 45

Oct. 25

Purchase

 75 27

Oct. 29

Sale

 110 45

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

Weighted-average cost per unit

=

B) 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

 $ $ $

The cost of goods sold

 $ $ $

Gross profit

 $ $ $

C) 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

 % % %

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