Homework Answers
Average cost per unit for May 18 sales = (297+250)/(33+25) = $9.431 per unit
Cost of goods sold = 9.431*45 = $424.40
Ending inventory = total cost of goods available for sale - cost of goods sold
= 1009 - 424.40
= $584.60
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Bramble Inc. uses a perpetual inventory system. Its records show the following for the month of...
Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of...
Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $7 $203 May 15 Purchase 26 8 208 May 18 Sale (44) May 24 Purchase 41 9 369 Total 52 $780 52 (b) Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in...
Question B, please. Marigold Inc. uses a perpetual inventory system. Its records show the following for...
Question B, please.
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 Your answer is correct. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods...
With an explanation please Marigold Inc. uses a perpetual inventory system. Its records show the following...
With an explanation please
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $...
Flint Corporation uses a periodic inventory system. Its records show the following for the month of...
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Grouper Corp. uses a periodic inventory system. Its records show the following for the month of...
Grouper Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold Date Explanation Units Unit Cost Total Cost $324 May 1 Inventory $9 15 Purchase 2210220 Purchase 42 11 462 Total $1,006 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to...
Question 5 Flint Corporationuses a periodic inventory system. Its records show the following for the month...
Question 5 Flint Corporationuses a periodic inventory system. Its records show the following for the month of May, in which 79 units wi sold. Date Units Unit Cost May 1 Explanation Inventory Purchase Purchase Total Cost $252 240 462 Total $954 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to o decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 Click If you would like to Show Work...
Nabobson Inc. uses a periodic inventory system. Its records show the following for the month of...
Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
$1,479
Calculate the ending inventory at May 31 using the FIFO and
weighted-average cost formulas. (Round calculations for
cost per unit to 4 decimal places, e.g. 10.1252. Round ending
inventory...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Explanation 1 Beginning inventory 2 Purchases 5 Sale 5 Purchases 3 Purchases 7 Sales Units Unit Cost Total Cost 1,510 $6 $9,060.00 2,520 7 17,640 (2,540) 4,320 8 34,560 1,490 13,410 (5,710) Na (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 places,...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Units Date May 1 30 Explanation Inventory Purchase Purchase Total Unit Cost $ 9 10 Total Cost $270 250 418 15 38 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average- cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount...
Riverbed Corp uses a periodic inventory system. Its records show the following for the month of...
Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 34 $8 $272 15 Purchase 26 9 234 24 Purchase 40 10 400 Total 100 $906 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round...
Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $7 $203 May 15 Purchase 26 8 208 May 18 Sale (44) May 24 Purchase 41 9 369 Total 52 $780 52 (b) Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in...
Question B, please.
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 Your answer is correct. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods...
With an explanation please
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $...
Flint Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 15 Purchase - 34 - 24 - 42 100 $9 10 11 $306 240 462 $1,008 24 Purchase Total Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ Calculate the ending inventory at May 31 using the FIFO, LIFO...
Grouper Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold Date Explanation Units Unit Cost Total Cost $324 May 1 Inventory $9 15 Purchase 2210220 Purchase 42 11 462 Total $1,006 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to...
Question 5 Flint Corporationuses a periodic inventory system. Its records show the following for the month of May, in which 79 units wi sold. Date Units Unit Cost May 1 Explanation Inventory Purchase Purchase Total Cost $252 240 462 Total $954 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to o decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 Click If you would like to Show Work...
Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
$1,479
Calculate the ending inventory at May 31 using the FIFO and
weighted-average cost formulas. (Round calculations for
cost per unit to 4 decimal places, e.g. 10.1252. Round ending
inventory...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Explanation 1 Beginning inventory 2 Purchases 5 Sale 5 Purchases 3 Purchases 7 Sales Units Unit Cost Total Cost 1,510 $6 $9,060.00 2,520 7 17,640 (2,540) 4,320 8 34,560 1,490 13,410 (5,710) Na (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 places,...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Units Date May 1 30 Explanation Inventory Purchase Purchase Total Unit Cost $ 9 10 Total Cost $270 250 418 15 38 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average- cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount...
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