Question

Current Attempt in Progress Buffalo 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 130 $5 $650 12 Purchases 370 2,220 Purchases 225 1,575 Inventory 250 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $ AA AA The cost of goods sold $

Answer 1

	Units	Units cost	Total cost
June 1	130	5	650
12	370	6	2220
23	225	7	1575
Total	725		4445
Weighted average unit cost	6.131	=4445/725
FIFO:
The cost of the ending inventory	1725	=(225*7)+(250-225)*6
The cost of goods sold	2720	=4445-1725
LIFO:
The cost of the ending inventory	1370	=(130*5)+(250-130)*6
The cost of goods sold	3075	=4445-1370
Average-cost:
The cost of the ending inventory	1533	=250*6.131
The cost of goods sold	2912	=4445-1533