Question

Problem 8-6 Grouper Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 3,300 $18 2/4 Purchase 4,300 28 2/20 Sale 4,800 46 4/2 Purchase 5,300 35 11/4 Sale 4,500 51

Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ LINK TO TEXT

Compute cost of goods sold, assuming Grouper uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $

Answer 1

Answer with full working is given below

It is presumed average cost is weighted average cost per unit

Average Cost per unit $28.3178 Cost of Goods Sold Perioidic System, FIFO cost flow Perpetual System, FIFO cost flow $239,300 $239,300 $297,500 $286,900 $263,356 $253,415 a) b) Perioidic System, LIFO cost flow Perpetual System, LIFO cost flow Perioidic System, Weighted Avg Perpetual System, Moving Avg c) d) e) f) FIFO and Periodic System Goods Purchased Cost of Goods sold Inventory Balance #of Units # of Units Cost Per Total Cost Per Cost Per Inventory #of Units Date COGS Unit Sold Unit Sold Unit Balance Cost 01-Jan Opening balance 04-Feb Purchase 02-Apr Purchase $59,400 $120,400 $185,500 $18.00 3,300 $28.00 4,300 $35.00 5,300 20-Feb Sales $18.00 $59,400 3,300 $42,000 $28.00 1,500 04-Nov Sales $28,00 $78,400 $59,500 2,800 $35.00 1,700 Closing Stock $3.600 $35.00 $126,000 $59,400 $239,300 Opening stock $305,900 Add: Purchase $365.300 Less: Closing stock $126,000 $239,300 Cost of Goods sold FIFO and Perpetual System Cost of Goods sold Inventory Balance # of Units Cost Per Inventory Goods Purchased #of Units Cost Per Total Cost Per Date #of Units COGS Unit Cost Sold Unit Sold Unit Balance 01-Jan Opening balance $18.00 3,300 59,400 04-Feb Purchase $59,400 $120,400 $18.00 $28.00 3,300 4,300 $28.00 $120,400 4,300 $59,400 $42,000 20-Feb Sales $18.00 3,300 $28.00 $28.00 $78,400 1,500 2,800 $2,800 $78,400 $185,500 02-Apr Purchase $35.00 2,800 $28.00 $78,400 5,300 $35.00 $185,500 5,300 $263,900 8,100 04-Nov Sale $78,400 $59,500 2,800 $28.00 $126,000 $35.00 $35.00 1,700 3,600 Closing Stock $35.00 3,600 $126,000 Opening stock Add: Purchase $59,400 Total COGS $239,300 $305,900 $365,300 $126,000 Less: Closing stock Cost of Goods sold $239,300 LIFO and Periodic System Goods Purchased Cost of Goods sold Inventory Balance #of Units #of Units Cost Per Total Inventory Cost Per Cost Per #of Units Date COGS Unit Sold Unit Sold Unit Balance Cost $59,400 $120,400 $185,500 01-Jan Opening balance 04-Feb Purchase 02-Apr Purchase $18.00 3,300 $28.00 4,300 5,300 $35.00 $35.00 $185,500 5,300 $112,000 Sales $28.00 4,000 $8,400 $28.00 300 $18.00 $59,400 3,300 Closing Stock $67,800 3,600 $59,400 $305,900 $297,500 Opening stock Add: Purchase $365,300 $67,800 Less: Closing stock Cost of Goods sold $297.500 LIFO and Perpetual System Goods Purchased Cost of Goods sold Inventory Balance Total # of Units Cost Per # of Units Cost Per Cost Per Inventory #of Units Date COGS Unit Sold Unit Sold Unit Balance Cost $59,400 01-Jan Opening balance $18.00 3,300 $18.00 $28.00 $59,400 3,300 $28.00 $120,400 $120,400 04-Feb Purchase 4,300 4,300 20-Feb Sales $28.00 $120,400 4,300 $9,000 $50,400 $50,400 $18.00 2,800 $18.00 500 2,800 02-Apr Purchase $185,500 $50,400 $185,500 5,300 $35.00 $18.00 2,800 $35.00 5,300 $235,900 8,100 04-Nov Sale $18.00 $35.00 $157,500 $50,400 4,500 2,800 $35.00 $28,000 800 Closing inventory $78,400 3,600 $286,900 Total COGS $59,400 Opening stock $305,900 Add: Purchase $365,300 $78,400 Less: Closing stock $286,900 Cost of Goods sold Weighted Average Cost method and Periodic Inventory system Ending inventory Cost of Goods available for Sale Cost of Goods sold Cost of #of Units Cost of Goods Cost per Ending Cost per Cost per #of Units in ending inventory #of Units Goods unit available unit unit inventory Sold for sale 01-Jan Opening balance 04-Feb Purchase 02-Apr Purchase $59,400 $120,400 $185,500 $365,300 3,300 $18.0000 4,300 $28.0000 5,300 $35.0000 12,900 $28.3178 Sales $28.3178 $263,355.81 9,300 $28.3178 $101,944.19 3,600 Closing inventory $28.3178 $101,944.19 3,600 $263,355.81 Opening stock Add: Purchase $59,400.00 Total issue $305,900.00 $365,300.00 $101,944.19 Less: Closing stock $263,355.81 Cost of Goods sold

Moving Average and and Perpetual Inventory system Inventory Balance Goods Purchased Cost of Goods sold #of Units # of Units Cost Per Total Cost Per Cost Per Inventory #of Units COGS Date Sold Sold Unit Unit Unit Balance Cost $59,400 01-Jan Opening balance 3,300 $18.0000 $59,400 $120,400 $179,800 3,300 $18.0000 04-Feb Purchase $120,400 4,300 $28.0000 4,300 $28.0000 7,600 $23.6579 $113,558 20-Feb Sales 4,800 $23.6579 $66,242 $66,242 $66,242 $185,500 $251,742 2,800 $23.6579 2,800 $23.6579 $185,500 02-Apr Purchase 5,300 $35.0000 2,800 $23.6579 5,300 $35.0000 8,100 $31.0793 04-Nov Sale $139,857 4,500 $31.0793 $111,885 $111,885 3,600 $31.0793 closing inventory 3,600 $31.0793 $253,415 Total COGS $59,400 Opening stock $305,900 $365,300 Add Purchase $111,885 Less: Closing stock $253,415 Cost of Goods sold