Question

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

Date		Description		Units		Unit Cost or Selling Price
Oct. 1		Beginning inventory		60		$24
Oct. 9		Purchase		115		26
Oct. 11		Sale		95		45
Oct. 17		Purchase		95		27
Oct. 22		Sale		60		50
Oct. 25		Purchase		70		29
Oct. 29		Sale		105		50

(a1)

Correct answer iconYour answer is correct.

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

Weighted-average cost per unit

26.544

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Attempts: 4 of 6 used

(a2)

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

Answer 1