Homework Answers
| Units | Unit cost | Total | |
| Oct 1 | 61 | 22 | 1342 |
| Oct 9 | 128 | 24 | 3072 |
| Oct 17 | 94 | 25 | 2350 |
| Oct 25 | 68 | 27 | 1836 |
| Total | 351 | 8600 | |
| Sales: | |||
| Units | Price | Total | |
| Oct 11 | 92 | 38 | 3496 |
| Oct 22 | 60 | 43 | 2580 |
| Oct 29 | 118 | 43 | 5074 |
| Total | 270 | 11150 | |
| Ending inventory units | 81 | =351-270 | |
| 1 | |||
| Weighted average cost per unit | 24.501 | =8600/351 | |
| 2 | |||
| LIFO: | |||
| The ending inventory | 1822 | =(61*22)+(81-61)*24 | |
| Cost of goods sold | 6778 | =8600-1822 | |
| Gross Profit | 4372 | =11150-6778 | |
| FIFO: | |||
| The ending inventory | 2161 | =(68*27)+(81-68)*25 | |
| Cost of goods sold | 6439 | =8600-2161 | |
| Gross Profit | 4711 | =11150-6439 | |
| Average cost: | |||
| The ending inventory | 1985 | =81*24.501 | |
| Cost of goods sold | 6615 | =8600-1985 | |
| Gross Profit | 4535 | =11150-6615 | |
| 3 | |||
| Gross Profit rate: | |||
| LIFO | 39.2% | =4372/11150 | |
| FIFO | 42.3% | =4711/11150 | |
| Average cost | 40.7% | =4535/11150 | |
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