Question

Teal Mountain Inc. 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 $650 12 Purchases 370 2,220 Purchases 200 7 1,400 Inventory 240 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 O decimal places, e.g. 125.) FIFO FIFO L LIFO IFO Average-cost The cost of the ending inventory A $ ta The cost of goods sold ta A

Answer 1

3701 Periodic : FIFO 1 Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Cost Per cost of Goods # of Units Goods #of Cost Per Ending # of Units Unit Available for sales sold Cost Per Unit Sold Units Unit Inventory Beginning onventory| 130 51 650 130 5 650 5 Purchases Jun-12 6 2 220 330 6. 1980 40 6 240 Jun-23 200 7 14001 7 200 1400 Totals 700 4270 460 2630 240 1640 Periodic : LIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Cost Per cost of Goods # of Units Goods # of Cost Per Ending # of Units Unit Available for sales sold Cost Per Unit Sold Units Unit Inventory Beginning onventory 1300 650 0 130 5 Purchases Jun-12 2220 260 6 1560 110 660 Jun-23 200 1400 200 7 1400 Totals 700 4270 460 2960 240 1310 5 0 650 370

Cost of Goods Sold Cost of Cost Per Unit Goods Sold Inventory Balance # of Cost Per Ending Units Unit Inventory Periodic : Weighted Average Goods Purchasd # of Cost Per cost of Goods # of Units Units Unit Available for sales sold Beginning onventory 130 5 650 Purchases Jun-12 370 2220 Jun-23 2007 1400 Totals 700 6.100 4270 6.100 2806 240 6.100 1464 Weighted Average Unit Cost = (4270/700) 6.100 Ending invveotry Cost of Goods sold FIFO 1640 2630 LIFO 1310 2960 Average Cost 1464 2806