Question

You have the following information for Novak Corp. for the month ended October 31, 2017. Novak Corp. uses a periodic method for inventory.

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		59		$24
Oct. 9		Purchase		110		26
Oct. 11		Sale		100		35
Oct. 17		Purchase		110		27
Oct. 22		Sale		64		40
Oct. 25		Purchase		63		29
Oct. 29		Sale		104		40

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

Weighted-average cost per unit

$enter the Weighted-average cost per unit in dollars rounded to 3 decimal places

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.)

The ending inventory		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places
The cost of goods sold		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places
Gross profit		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places

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 percentages rounded to 1 decimal place	%		enter percentages rounded to 1 decimal place	%		enter percentages rounded to 1 decimal place

Answer 1