Question

Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 12 Inventory Purchases Purchases 100 365 210 $5 6 $500 2,190 1.470 7 Inventory Your answer is incorrect. Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media X Your answer is incorrect. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $ The cost of goods sold

Answer 1

. Answer:- calculation of weighted average unit cost Total cost available To tell units auculable for sale for sale weighted average unit cost = $500 + $ 2190 + $1470 100 + 365+ 210 $4160 675 weighted average unit cost = $6.163 Onits avarlable for sale = 675 Ending inventory units = 250 Whits sold = 675-250 = 425 units @ Periodic - FIFO method - S cost of ending inventong = (uo unuts x6) +(210x7) -$240 + $1470 = $1760 cost of goods sold = 100x $5)+(328 * $6) = $500 + $ 1938 = $24 V

6 Periodic - LIFO method :- cost of ending inventory = (150 x #6) +(100 x $5) = $900+ $500 = $ 1400 cost of goods sold = 210x $7)+(215% $6) = $1440 + $1290 - $ 2760 0 Periodic - Average cost method cost of ending inventory = 2 250 x $ 6.163 lsas. $15411 425 * $6.163 cost of goods sold = = $ 2619 Refer ist part LIFO Average cost 41541 $1400 $1710 cost of ending . inventory $ 2619 $ 2760 $2450 cost of goods sold