Question

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

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		56		$23
Oct. 9		Purchase		122		25
Oct. 11		Sale		90		34
Oct. 17		Purchase		108		26
Oct. 22		Sale		55		39
Oct. 25		Purchase		67		28
Oct. 29		Sale		113		39

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$enter the ending inventory amount as per LIFO in dollars		$enter the ending inventory amount as per FIFO in dollars		$enter the ending inventory amount as per Average-cost in dollars
The cost of goods sold		$enter the cost of goods sold amount as per LIFO in dollars		$enter the cost of goods sold amount as per FIFO in dollars		$enter the cost of goods sold amount as per Average-cost in dollars
Gross profit		$enter the gross profit amount as per LIFO in dollars		$enter the gross profit amount as per FIFO in dollars		$enter the gross profit amount as per Average-cost in dollars

Answer 1

Average cost Method