Date Description Units Unit Cost Or Selling Price October 1 Beginning Inventory

DateDescriptionUnitsUnit Cost orSelling Price October 1Beginning inventory60 $29.54 October 9Purchase120 30.54 October 11Sale100 39.54 October 17Purchase70 31.54 October 22Sale60 44.54 October 25Purchase80 32.54 October 29Sale110 44.54 Instructions:Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (Round weighted-average cost per unit to 3 decimal places, e.g. 2.250. Use the rounded amount for future computations. Round gross profit rate to 1 decimal place, e.g. 10.5 and all other answers to 0 decimal places, e.g. 125.)(1) LIFO. (2) FIFO. (3) Average-cost.

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