FIFO | Cost of Goods Available for sale | Cost of Goods Sold | Ending Balance | |||||||
Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Jun-01 | Beginning Inventory | 115 | $ 5.00 | $ 575.00 | 115 | $ 5.00 | $ 575.00 | |||
Jun-12 | Purchase | 345 | $ 6.00 | $ 2,070.00 | 115 | $ 5.00 | $ 575.00 | |||
345 | $ 6.00 | $ 2,070.00 | ||||||||
Jun-15 | Sales | 115 | $ 5.00 | $ 575.00 | ||||||
285 | $ 6.00 | $ 1,710.00 | 60 | $ 6.00 | $ 360.00 | |||||
Jun-23 | Purchase | 190 | $ 7.00 | $ 1,330.00 | 60 | $ 6.00 | $ 360.00 | |||
190 | $ 7.00 | $ 1,330.00 | ||||||||
Jun-27 | Sales | 50 | $ 6.00 | $ 300.00 | 10 | $ 6.00 | $ 60.00 | |||
190 | $ 7.00 | $ 1,330.00 | ||||||||
Total | $ 3,975.00 | $ 2,585.00 | 200 | $ 1,390.00 |
LIFO | Cost of Goods Available for sale | Cost of Goods Sold | Ending Balance | |||||||
Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Jun-01 | Beginning Inventory | 115 | $ 5.00 | $ 575.00 | 115 | $ 5.00 | $ 575.00 | |||
Jun-12 | Purchase | 345 | $ 6.00 | $ 2,070.00 | 115 | $ 5.00 | $ 575.00 | |||
345 | $ 6.00 | $ 2,070.00 | ||||||||
Jun-15 | Sales | 345 | $ 6.00 | $ 2,070.00 | 60 | $ 5.00 | $ 300.00 | |||
55 | $ 5.00 | $ 275.00 | ||||||||
Jun-23 | Purchase | 190 | $ 7.00 | $ 1,330.00 | 60 | $ 5.00 | $ 300.00 | |||
190 | $ 7.00 | $ 1,330.00 | ||||||||
Jun-27 | Sales | 50 | $ 7.00 | $ 350.00 | 60 | $ 5.00 | $ 300.00 | |||
140 | $ 7.00 | $ 980.00 | ||||||||
Total | $ 3,975.00 | $ 2,695.00 | 200 | $ 1,280.00 |
W. Avg | Cost of Goods Available for sale | Cost of Goods Sold | Ending Balance | |||||||
Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Jun-01 | Beginning Inventory | 115 | $ 5.00 | $ 575 | 115 | $ 5.00 | $ 575 | |||
Jun-12 | Purchase | 345 | $ 6.00 | $ 2,070 | 115 | $ 5.00 | $ 575 | |||
345 | $ 6.00 | $ 2,070 | ||||||||
Average | 460 | $ 5.75 | $ 2,645 | |||||||
Jun-15 | Sales | 400 | $ 5.75 | $ 2,300 | 60 | $ 5.75 | $ 345 | |||
Jun-23 | Purchase | 190 | $ 7.00 | $ 1,330 | 60 | $ 5.75 | $ 345 | |||
190 | $ 7.00 | $ 1,330 | ||||||||
Average | 250 | $ 6.70 | $ 1,675 | |||||||
Jun-27 | Sales | 50 | $ 6.70 | $ 335 | 200 | $ 6.70 | $ 1,340 | |||
Total | $ 3,975 | $ 2,635 | 200 | $ 1,340 |
Average Cost per unit
Jun-01 | $ 5.00 |
Jun-12 | $ 5.75 |
Jun-15 | $ 5.75 |
Jun-23 | $ 6.70 |
Jun-27 | $ 6.70 |
Sandhill Co. uses a perpetual inventory system reports the following for the month of June. Unit...
Sandhill Co, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost $5 June 1 Inventory 140 Total Cost $ 700 2,100 1,610 Purchases Purchases Inventory Calculate weighted average unit cost. (Round answer to 3 decimal places, e.. 5.125.) Weighted average unit cost $ Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round answers to decimal places, es. 125) FIFO...
Show your calculations. Riverbed Corp uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $750 12 Purchases 2,100 350 240 Purchases 1,680 Inventory 260 - Your answer is partially correct. Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $8 and a sale of 60 units on June...
Sandhill Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 48 $14 July 28 36 19 On June 1, Sandhill sold 24 units, and on August 27, 36 more units. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: $enter a dollar amount Aug. 27 sale: $enter a dollar amount Compute the cost of...
Sandhill Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 48 $14 July 28 36 19 On June 1, Sandhill sold 24 units, and on August 27, 36 more units. X Your answer is incorrect. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: $ 336 Aug. 27 sale: $ 23.720 Compute the cost...
Kaleta Company uses the perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 400 6 2,400 23 Purchase 300 7 2,100 30 Inventory 100 Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 units on June 27 for $9. Calculate the cost of the ending inventory and the cost of...
headlands industries uses a periodic inventory system reports the following for the month of June. calculate the average cost per unit, using a perpetual inventory system. Units Unit Cost Date June 1 12 23 Explanation Inventory Purchases Purchases Inventory 370 200 Total Cost $650 2,220 1,400 30 300 A sale of 350 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (a) your answer is partially correct....
Headlands Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchases 390 6 2,340 23 Purchases 190 7 1,330 30 Inventory 235 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars Compute the cost of the ending inventory and the cost of goods sold under FIFO,...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal...
Question 1 Question 2 Question 3 Question 4 Sandhill Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 48 $14 July 28 36 19 On June 1, Sandhill sold 24 units, and on August 27,36 more units. * Your answer is incorrect. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: $ 336 Aug....
Carla Vista Co. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost $5 $625 June 1 Inventory 125 12 Purchases 380 6 2,280 Purchases 23 220 1,540 30 Inventory 250 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Weighted-average unit cost 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to...