Homework Answers
Answer is $18,750
Units available for sale = 900
Units in ending inventory = 100
Units sold = Units available for sale - Units in ending
inventory
Units sold = 900 - 100
Units sold = 800
Company is using LIFO method of inventory
Units sold includes 300 units from January 25 purchase, 250 units from January 20 purchase, 200 units from January 12 purchase and 50 units from January 3 purchase.
Cost of goods sold = 300 * $30 + 250 * $20 + 200 * $20 + 50 *
$15
Cost of goods sold = $18,750
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Headlands Industries uses a periodic inventory system. Its
records show the following for the month of May, in which 77 units
were sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchase
26
11
286
24
Purchase
40
12
480
Total
100
$1,106
Calculate the weighted-average unit cost. (Round
answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$Enter the Weighted-average unit cost in dollars
LINK TO TEXT
LINK TO VIDEO
Calculate the...
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Pearl Industries uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold. Explanation Units Date Unit Cost Total Cost $9 $324 May 1 Inventory 36 Purchase 240 15 24 10 Purchase 24 40 11 440 $1,004 Total 100 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Weighted-average unit cost eTextbook and Media Calculate the ending inventory at May 31 using the FIFO, LIFO...
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Exercise 6-07 al-a2 Buffalo Industries uses a periodic inventory system and reports the following for the month of June. Unit Cost Date June 1 12 Units 130 Total Cost $ 650 2,220 1,575 Inventory Purchases Purchases Inventory 370 225 250 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to o decimal...
Headlands Industries uses a periodic inventory system. Its
records show the following for the month of May, in which 77 units
were sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchase
26
11
286
24
Purchase
40
12
480
Total
100
$1,106
Calculate the weighted-average unit cost. (Round
answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$Enter the Weighted-average unit cost in dollars
LINK TO TEXT
LINK TO VIDEO
Calculate the...
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