Question

You have the following information for Whispering Winds Corp. for the month ended October 31, 2022....

You have the following information for Whispering Winds Corp. for the month ended October 31, 2022. Whispering Winds uses a periodic method for inventory.

Date

Description

Units

Unit Cost or Selling Price

Oct. 1

Beginning inventory

55 $24

Oct. 9

Purchase

125 26

Oct. 11

Sale

90 35

Oct. 17

Purchase

90 27

Oct. 22

Sale

55 40

Oct. 25

Purchase

65 29

Oct. 29

Sale

100 40

Incorrect answer iconYour answer is incorrect.

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

eTextbook and Media

List of Accounts

Partially correct answer iconYour answer is partially correct.

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

eTextbook and Media

List of Accounts

Incorrect answer iconYour answer is incorrect.

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 %
0 0
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Answer #1
Calculation of Units available for sale and Units of Ending Inventory
Units available for sale
Beginning Inventory, Oct 1 55
Purchases
          Oct. 9 125
          Oct. 17 90
          Oct. 25 65 280
Units available for sale                     335
Less: Units sold
          Oct. 11 90
          Oct. 22 55
          Oct. 29 100 245
Units of Ending Inventory                       90
Schedule of Cost of Goods Available for Sale
Cost of Goods Available for Sale
Units Cost per unit Cost of Goods Available for Sale
Beginning Inventory (a) 55 $              24.00 $             1,320
Add: Purchases
          Oct. 9 125 $              26.00 $             3,250
          Oct. 17 90 $              27.00 $             2,430
          Oct. 25 65 $              29.00 $             1,885
Cost of Goods available for sale 335 $             8,885
(a) Calculation of ending inventory under LIFO - periodic system:-
LIFO- Periodic Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending inventory - Periodic LIFO
# of Units Cost of Goods Available for Sale Cost of Goods Available for Sale # of Units sold Cost per Unit Cost of Goods Sold # of Units in Ending inventory Cost per Unit Ending inventory
Beginning Inventory                   55 $              24.00 $             1,320                            55 $           24.00 $           1,320
Purchases:
          Oct. 9                 125 $              26.00 $             3,250                       90 $26.00 $           2,340                            35 $26.00 $              910
          Oct. 17                   90 $              27.00 $             2,430                       90 $27.00 $           2,430
          Oct. 25                   65 $              29.00 $             1,885                       65 $29.00 $           1,885
Total                 335 $             8,885                     245 $           6,655                            90               2,230
(b) Calculation of ending inventory under FIFO - periodic system:-
Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending inventory - Periodic FIFO
# of Units Cost per Unit Cost of Goods Available for Sale # of Units sold Cost per Unit Cost of Goods Sold # of Units in Ending inventory Cost per Unit Ending inventory
Beginning Inventory                   55 $              24.00 $             1,320                       55 $24.00 $           1,320
Purchases:
          Oct. 9                 125 $              26.00 $             3,250                     125 $26.00 $           3,250
          Oct. 17                   90 $              27.00 $             2,430                       65 $27.00 $           1,755                            25 $27.00 $              675
          Oct. 25                   65 $              29.00 $             1,885                            65 $29.00 $           1,885
Total                 335 $             8,885                     245 $           6,325                            90               2,560
(c) Calculation of ending inventory under Weighted Average Cost - Periodic system:-
Average Cost per unit = Total Cost of Goods available for sale
Total quantity
Periodic -Weighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending inventory - Average Cost
# of Units Cost of Goods Available for Sale Cost of Goods Available for Sale # of Units sold Average Cost per Unit Cost of Goods Sold # of Units in Ending inventory Average Cost per Unit Ending inventory
Beginning Inventory                   55 $            24.000 $             1,320
Purchases:
          Oct. 9                 125 $            26.000 $             3,250
          Oct. 17                   90 $            27.000 $             2,430
          Oct. 25                   65 $            29.000 $             1,885
Total                 335 $            26.522 $             8,885                     245 $            26.522 $           6,498                            90 $        26.522               2,387
Average Cost per unit = $8,885
335
= $26.522


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