Question

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

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		60		$24
Oct. 9		Purchase		140		26
Oct. 11		Sale		95		45
Oct. 17		Purchase		95		270
Oct. 22		Sale		60		50
Oct. 25		Purchase		70		29
Oct. 29		Sale		105		50

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

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.)

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%)

Answer 1