You are provided with the following information for Splish Brothers Inc. for the month ended June 30, 2020. Splish Brothers uses the periodic method for inventory.
Date | Description | Quantity | Unit Cost or | |||||
June | 1 | Beginning inventory | 45 | $42 | ||||
June | 4 | Purchase | 135 | 46 | ||||
June | 10 | Sale | 115 | 73 | ||||
June | 11 | Sale return | 13 | 73 | ||||
June | 18 | Purchase | 54 | 48 | ||||
June | 18 | Purchase return | 9 | 48 | ||||
June | 25 | Sale | 68 | 78 | ||||
June | 28 | Purchase | 25 | 52 |
(a1)Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)
Weighted-average cost per unit | $ |
(a2)
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)
LIFO | FIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $ | $ | $ | |||
The cost of goods sold | $ | $ | $ | |||
Gross profit | $ | $ | $ |
Requirement 1:
Weighted Average Cost Per unit | |||
Units | (A) | 250 | |
Total Cost | (B) | $ 11,560.00 | |
Average Cost | (C=B/A) | $ 46.24 |
Requirement 2:
FIFO | LIFO | Weighted Average | |
Ending Inventory | $ 3,920.00 | $ 3,500.000 | $ 3,699.200 |
Cost of Goods Sold | $ 7,640.000 | $ 8,060.000 | $ 7,860.800 |
gross profit | $ 5,110.00 | $ 4,690.00 | $ 4,889.20 |
Working:
Sales Revenue | ||||
Units | Selling price per unit | value | ||
Sales | ||||
10-Jun | 115 | $ 73.00 | $ 8,395.00 | |
11-Jun | -13 | $ 73.00 | $ (949.00) | |
25-Jun | 68 | $ 78.00 | $ 5,304.00 | |
Total | 170 | $ 12,750.00 |
Cost of Goods Available for sale | ||||
Units | Cost per unit | value | ||
Beginning Inventory | 45 | $ 42.00 | $ 1,890.00 | |
Purchases | ||||
04-Jun | 135 | $ 46.00 | $ 6,210.00 | |
18-Jun | 54 | $ 48.00 | $ 2,592.00 | |
18-Jun | -9 | $ 48.00 | $ (432.00) | |
28-Jun | 25 | $ 52.00 | $ 1,300.00 | |
Total | 250 | $ 11,560.00 |
FIFO | ||||||
A | Total Units Available for sale | 250 | $ 11,560.00 | |||
Units Sold | 170 | |||||
Ending Inventory Units | 80 | |||||
Valuation | ||||||
Cost of Goods Sold | 45 | $ 42.00 | $ 1,890.00 | |||
125 | $ 46.00 | $ 5,750.00 | ||||
$ - | ||||||
$ - | ||||||
$ - | ||||||
$ - | ||||||
B | Cost of Goods Sold | 170 | units | $ 7,640.00 | ||
A-B | Ending Inventory | 80 | units | $ 3,920.00 |
LIFO | ||||||
A | Total Units Available for sale | 250 | $ 11,560.00 | |||
Units Sold | 170 | |||||
Ending Inventory Units | 80 | |||||
Valuation | ||||||
Cost of Goods Sold | 25.00 | $ 52.00 | 1,300.00 | |||
45.00 | $ 48.00 | 2,160.00 | ||||
100.00 | $ 46.00 | 4,600.00 | ||||
- | ||||||
- | ||||||
B | Cost of Goods Sold | 170 | units | $ 8,060.00 | ||
A-B | Ending Inventory | 80 | units | $ 3,500.00 |
Weighted Average | ||||||
A | Total Units Available for sale | 250 | $ 11,560.00 | |||
Units Sold | 170 | |||||
Ending Inventory Units | 80 | |||||
Valuation | ||||||
Cost of Goods Sold | ||||||
170 | $ 46.24 | $ 7,860.80 | ||||
$ - | ||||||
B | Cost of Goods Sold | 170 | units | $ 46.24 | $ 7,860.80 | |
A-B | Ending Inventory | 80 | units | $ 3,699.20 |
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