Homework Answers
Under the First in first out (FIFO) method of inventory valuation, Cost of goods sold consists of the units from beginning inventory and earliest purchases. Ending inventory consists of the units from recent purchases.
Units in ending inventory = Units available for sale - Units sold
= 1,000 - 600
= 400
400 units in ending inventory consists of 320 units from April 23 purchases and 80 units from April 15 purchases.
Ending inventory = (320 * $21) + (80 * $19)
= $6,720 + $1,520
= $8,240
Cost of goods sold = Cost of goods available for sale - Ending inventory
= $18,830 - $8,240
= $10,590
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Skysong Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Skysong Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Skysong Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 $16 $4,320 April 15 purchase 410 19 April 23 purchase 21 320 1,000 7.790 6,720 $18,830 Calculate weighted average cost per unit. (Round answer to 2 decimal places, es. 2.76) Weighted average cost per units Compute the April 30 inventory and the April cost of goods sold using the average-cost method....
Question 1 View Policies Current Attempt in Progress Skysong Company uses a periodic inventory system. For...
Question 1 View Policies Current Attempt in Progress Skysong Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 410 $16 $4,320 197.790 April 15 purchase April 23 purchase 320 1,000 216,720 $18,830 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ $ Using multiple attempts will impact...
Riverbed Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Riverbed Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 $30 $ 8,100 April 15 purchase 440 36 15,840 April 23 purchase 290 39 11,310 1,000 $35,250 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit $35.25 Compute the April 30 inventory and the April cost of goods sold using the...
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Unit Cost $19 April 1 inventory April 15 purchase April 23 purchase Units 300 410 290 1,000 Total Cost $ 5,700 9,430 7,250 $22,380 25 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $31 $8,680 April 15 purchase 450 37 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Your answer is correct. Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) Weighted average cost per unit $ 36.13 eTextbook and Media X Your answer is incorrect. Compute the...
*Brief Exercise 8-6 Nash Company uses a periodic inventory system. For April, when the company sold 600 units, the f...
*Brief Exercise 8-6 Nash Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory $ 8,680 280 $31 April 15 purchase 450 37 16,650 270 April 23 purchase 10,800 40 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company...
Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost 270 April 1 inventory April 15 purchase April 23 purchase 440 290 1,000 $30 36 39 $ 8,100 15,840 11,310 $35,250 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ $
Pearl Company uses a periodic inventory system. For April, when the company sold 650 units, the...
Pearl Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available Units Unit Cost Total Cost April 1 Inventory $34 $ 10,540 April 15 purchase 41 17,220 April 23 purchase 270 11,880 1,000 $39,640 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending Inventory Cost of goods sold
Blue Company uses a periodic inventory system. For April, when the company sold 500 units, the...
Blue Company uses a periodic inventory system. For April, when the company sold 500 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 290 $32 $9,280 April 15 purchase 430 38 16,340 April 23 purchase 280 11,760 1,000 $37,380 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold $
Riverbed Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Riverbed Company uses a periodic inventory system. For April,
when the company sold 600 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
270
$30
$ 8,100
April 15 purchase
440
36
15,840
April 23 purchase
290
39
11,310
1,000
$35,250
Calculate weighted average cost per unit. (Round
answer to 2 decimal places, e.g. 2.76.)
Weighted average cost per unit: $
Skysong Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 $16 $4,320 April 15 purchase 410 19 April 23 purchase 21 320 1,000 7.790 6,720 $18,830 Calculate weighted average cost per unit. (Round answer to 2 decimal places, es. 2.76) Weighted average cost per units Compute the April 30 inventory and the April cost of goods sold using the average-cost method....
Question 1 View Policies Current Attempt in Progress Skysong Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 410 $16 $4,320 197.790 April 15 purchase April 23 purchase 320 1,000 216,720 $18,830 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ $ Using multiple attempts will impact...
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Unit Cost $19 April 1 inventory April 15 purchase April 23 purchase Units 300 410 290 1,000 Total Cost $ 5,700 9,430 7,250 $22,380 25 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $31 $8,680 April 15 purchase 450 37 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Your answer is correct. Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) Weighted average cost per unit $ 36.13 eTextbook and Media X Your answer is incorrect. Compute the...
*Brief Exercise 8-6 Nash Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory $ 8,680 280 $31 April 15 purchase 450 37 16,650 270 April 23 purchase 10,800 40 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost 270 April 1 inventory April 15 purchase April 23 purchase 440 290 1,000 $30 36 39 $ 8,100 15,840 11,310 $35,250 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ $
Pearl Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available Units Unit Cost Total Cost April 1 Inventory $34 $ 10,540 April 15 purchase 41 17,220 April 23 purchase 270 11,880 1,000 $39,640 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending Inventory Cost of goods sold
Blue Company uses a periodic inventory system. For April, when the company sold 500 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 290 $32 $9,280 April 15 purchase 430 38 16,340 April 23 purchase 280 11,760 1,000 $37,380 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold $
Riverbed Company uses a periodic inventory system. For April,
when the company sold 600 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
270
$30
$ 8,100
April 15 purchase
440
36
15,840
April 23 purchase
290
39
11,310
1,000
$35,250
Calculate weighted average cost per unit. (Round
answer to 2 decimal places, e.g. 2.76.)
Weighted average cost per unit: $
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