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vodomira [7]
2 years ago
11

You have the following information for Oriole Company for the month ended October 31, 2022. Oriole uses a periodic method for in

ventory
Date Description Units Unit Cost or Selling Price
Oct. 1 Beginning inventory 55 26
Oct. 9 Purchase 130 28
Oct. 11 Sale 95 45
Oct. 17 Purchase 95 29
Oct. 22 Sale 55 50
Oct. 25 Purchase 65 31
Oct. 29 Sale 105 50
a. Calculate the weighted average cost.
(Round answer to 3 decimal places, e.g. 5.125.)
b. 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 o decimal place, e.g. 125.)
c. 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%)
Business
1 answer:
Arisa [49]2 years ago
6 0

Answer:

Oct. 1 Beginning inventory 55 26 = $1,430

Oct. 9 Purchase 130 28 = $3,640

Oct. 17 Purchase 95 29 = $2,755

Oct. 25 Purchase 65 31 = $2,015

totals                      345 units, $28.522 per unit, $9,840

a) $28.522 per unit

b) FIFO

COGS = (55 x $26) + (130 x $28) + (70 x $29) = $7,100

Ending inventory = $2,740

Gross profit = (95 x $45) + (55 x $50) + (105 x $50) - $7,100 = $5,175

LIFO

COGS = (65 x $31) + (95 x $29) + (95 x $28) = $7,430

Ending inventory = $2,410

Gross profit = (95 x $45) + (55 x $50) + (105 x $50) - $7,430 = $4,845

Average cost

COGS = 255 x $28.522 = $7,273

Ending inventory = $2,567

Gross profit = $5,002

c) gross profit margin

FIFO = $7,100 / $12,275 = 57.8%

LIFO = $7,430 / $12,275 = 60.5%

Average = $7,273 / $12,275 = 59.3%

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Where is poseidon when the gods at council decide to help odysseus to return home?
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3 years ago
World trade has grown substantially in the last 60 years. For example, while world output grew at an annual rate of 3.8% per yea
3241004551 [841]

Answer:

b.Increases in the global population

c.Services such as web conferencing and teleconferencing that facilitate international meetings.

d.International trade agreements such as the North American Free Trade Agreement (NAFTA).

Explanation:

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Which of the following home purchasing considerations will probably affect older homebuyers the least ?
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3 years ago
You’ve borrowed $23,072 on margin to buy shares in Ixnay, which is now selling at $41.2 per share. You invest 1,120 shares. Your
BlackZzzverrR [31]

Answer:

(a) Since the percentage margin is more than maintenance margin, there would be no call

(b) A margin call would be received when the price is $15.26

Explanation:

(a) Total investment = $23,072 × \frac{100}{50} = $46,144

Total shares = Total investment ÷ share price

= $46,144 ÷ $41.2 = 1,120

Value of share in market = new price × number of shares

= $41 × 1,120

= $45,920

Value of equity = Value of share in the market - borrowed cash

= $45,920 - $23,072

= $22,848

Percentage margin = Value of equity ÷ Value of shares

= ($22,848 ÷ $45,920) × 100%

= 49.76%

(b) Total number of shares = 1,120

Assumed value of shares = $1,120X

Borrowed fund = $23,072

Value of equity = $1,120X - $23,072

Margin = Value of equity ÷ Value of shares

0.35 = ($1,120X - $23,072) ÷ $1,120X

392X = $1,120X - $23,072

1512X = $23,072

X = $15.26

7 0
2 years ago
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