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Units (a) | Rate (b) | Amount (a*b) | |
Jun. 1 - Beginning Inventory | 210 | $8 | $1,680 |
12 - Purchases | 430 | $9 | $3,870 |
23 - Purchases | 360 | $10 | $3,600 |
Total goods available | 1,000 | $9,150 | |
Less: Ending inventory | 200 | ||
Units sold | 800 | ||
a1) Weighted-average unit cost ($9,150 / 1,000 units) | $9.15 | ||
a2) | |||
Ending inventory under average-cost method: | |||
Ending inventory in units (a) | 200 | ||
Average-cost per unit [($8 + $9 + $10)/3] | $9 | ||
Cost of Ending Inventory under average-cost method: (a * b) | $1,800 | ||
Cost of goods sold under average-cost method: | |||
Units sold (a) | 800 | ||
Average-cost per unit [($8 + $9 + $10)/3] (b) | $9 | ||
Cost of goods sold under average-cost method (a * b) | $7,200 | ||
FIFO: | Units (a) | Rate (b) | Amount (a*b) |
Jun. 1 - Beginning Inventory | 210 | $8 | $1,680 |
12 - Purchases | 430 | $9 | $3,870 |
23 - Purchases (800 - 210 - 430) | 160 | $10 | $1,600 |
Cost of Goods Sold under FIFO | 800 | $7,150 | |
23 - Purchases (360 - 160) | 200 | $10 | $2,000 |
Ending inventory under FIFO | 200 | $2,000 | |
LIFO: | Units (a) | Rate (b) | Amount (a*b) |
23 - Purchases | 360 | $10 | $3,600 |
12 - Purchases | 430 | $9 | $3,870 |
Jun. 1 - Beginning Inventory (800 - 360 - 430) | 10 | $8 | $80 |
Cost of Goods Sold under LIFO | 800 | $7,550 | |
Jun. 1 - Beginning Inventory (210 - 10) | 200 | $8 | $1,600 |
Ending inventory under LIFO | 200 | $1,600 | |
Ending inventory in (a) under Average cost method ($1,800) is Lower than FIFO $2,000. | |||
Ending inventory in (a) under Average cost method ($1,800) is Higher than LIFO $1,600. | |||
Cost of goods sold in (a) under Average cost method ($7,200) is Higher than FIFO $7,150. | |||
Cost of goods sold in (a) under Average cost method ($7,200) is Lower than LIFO $7,550. |
Exercise 6-09 a1,a2, b (Part Level Submission) Sheffield Company reports the following for the month of...
Exercise 6-09 al,a2, b Oriole Company reports the following for the month of June. Units Unit Cost Total Cost $5 June 1 12 350 500 350 $ 1,750 3,000 Inventory Purchase Purchase Inventory 6 23 7 2,450 30 160 Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ LINK TO TEXT Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to...
Sheffield Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 210 $8 $ 1,680 12 Purchase 430 9 3,870 23 Purchase 360 10 3,600 30 Inventory 200 (a1) Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SUBMIT...
Problem 6-08A a1-a2 (Part Level Submission) Bonita Inc. is a retailer operating in British Columbia. Bonita uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bonita Inc. for the month of January 2020. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory...
Exercise 6-07 al-a2 Buffalo Industries uses a periodic inventory system and reports the following for the month of June. Unit Cost Date June 1 12 Units 130 Total Cost $ 650 2,220 1,575 Inventory Purchases Purchases Inventory 370 225 250 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 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 o decimal...
Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating in British Columbia. Swifty uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Swifty Inc. for the month of January 2020. Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating...
Exercise 6-07 a-c (Part Level Submission) Crane Company uses a periodic system reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 250 $7 $ 1,750 12 Purchase 400 8 3,200 23 Purchase 350 9 3,150 30 Inventory 150 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ $ Cost of goods sold $ $ Click if...
Problem 6-03A a, b1-b2, c (Part Level Submission) (Video) Crane Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $24 Sept. 4 300 units at $33 July 20 220 units at $28 Dec. 2 100 units at $30 980 units were sold. Crane Company uses a periodic inventory system. (a) Your answer is correct. Determine...
Olca Exercise 6-16 (Part Level Submission) Bufford Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $600 each. On January 10, Bufford purchased 6 units at $660 each. The company sold 2 units on January 8 and 4 units on January 15. v (a) Your answer is correct. Compute the ending inventory under FIFO. (Round answer to 0 decimal places, e.g. 1,250.) O LO L 00 Old Slui. FIFO The...
i need help with the a3 question S Weygandt, Accounting Principles, 13e Exercise 6-17 a1-a3 (Part Level Submission) (Video) Moath Company reports the following for the month of June. Unit Cost Date Explanation Units Total Cost 200 $5 June 1 12 6 Inventory Purchase Purchase Inventory $1,000 2,400 2,100 400 300 100 23 7 30 Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 unit (a1) Your answer...
Hele System Announcements Date Exercise 6-os (Part Level Submission) Flounder Corp. uses a periodic Inventory system. Its records show the following for the month of May, in which 73 units were sold. Explanation Units Unit Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchase 21 10 210 24 Purchase 39 11 429 Total 90 $909 Your answer is correct. Calculate the weighted-average unit cost. (Round answer to 3 decimal places, 9. 5.125.) Weighted average unit cost 10.1 Click...