Whispering Winds Corp. began operations on July 1. It uses a
perpetual inventory system. During July, the company had the
following purchases and sales.
Purchases |
||||||
---|---|---|---|---|---|---|
Date |
Units |
Unit Cost |
Sales Units |
|||
July 1 |
9 | $60 | ||||
July 6 |
7 | |||||
July 11 |
6 | $64 | ||||
July 14 |
6 | |||||
July 21 |
8 | $68 | ||||
July 27 |
7 |
Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.)
July 1 |
$ | |
---|---|---|
July 6 |
$ | |
July 11 |
$ | |
July 14 |
$ | |
July 21 |
$ | |
July 27 |
$ |
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)
FIFO |
MOVING-AVERAGE |
LIFO |
||||
---|---|---|---|---|---|---|
The ending inventory under a perpetual inventory system |
$enter a dollar amount |
Correct Answer:
Requirement 1:
A |
B |
C =B/A |
|
NO. OF UNTS |
Total Cost |
Average cost |
|
01-Jul |
9 |
$ 540.00 |
$ 60.00 |
06-Jul |
2 |
$ 120.00 |
$ 60.00 |
11-Jul |
8 |
$ 468.00 |
$ 58.50 |
14-Jul |
2 |
$ 117.00 |
$ 58.50 |
21-Jul |
10 |
$ 661.00 |
$ 66.10 |
27-Jul |
3 |
$ 198.30 |
$ 66.10 |
Requirement 2:
Perpetual Inventory |
FIFO |
LIFO |
Weighted Average |
Ending Inventory |
$ 204.00 |
$ 188.00 |
$ 234.30 |
Working:
Cost of Goods Available for sale |
||||
Units |
Cost per unit |
value |
||
Beginning Inventory |
$ - |
|||
Purchases |
||||
01-Jul |
9 |
$ 60.00 |
$ 540.00 |
|
11-Jul |
6 |
$ 64.00 |
$ 384.00 |
|
21-Jul |
8 |
$ 68.00 |
$ 544.00 |
|
Total |
23 |
$ 1,468.00 |
FIFO Perpetual |
||||||
A |
Total Units Available for sale |
23 |
$ 1,468.00 |
|||
Units Sold |
20 |
|||||
Ending Inventory Units |
3 |
|||||
Valuation |
||||||
Cost of Goods Sold |
9 |
$ 60.00 |
$ 540.00 |
|||
6 |
$ 64.00 |
$ 384.00 |
||||
5 |
$ 68.00 |
$ 340.00 |
||||
B |
Cost of Goods Sold |
20 |
units |
$ 1,264.00 |
||
A-B |
Ending Inventory |
3 |
units |
$ 204.00 |
Moving Average |
||||||
A |
Total Units Available for sale |
23 |
$ 1,468.00 |
|||
Units Sold |
20 |
|||||
Ending Inventory Units |
3 |
|||||
Valuation |
||||||
Cost of Goods Sold |
7 |
$ 60.00 |
$ 420.00 |
|||
6 |
$ 58.50 |
$ 351.00 |
||||
7 |
$ 66.10 |
$ 462.70 |
||||
B |
Cost of Goods Sold |
13 |
units |
$ 1,233.70 |
||
A-B |
Ending Inventory |
3 |
units |
$ 234.30 |
LIFO Perpetual |
||||||
A |
Total Units Available for sale |
23 |
$ 1,468.00 |
|||
Units Sold |
20 |
|||||
Ending Inventory Units |
3 |
|||||
Valuation |
||||||
Cost of Goods Sold |
7.00 |
$ 60.00 |
420.00 |
|||
6.00 |
$ 64.00 |
384.00 |
||||
7.00 |
$ 68.00 |
476.00 |
||||
- |
||||||
- |
||||||
B |
Cost of Goods Sold |
20 |
units |
$ 1,280.00 |
||
A-B |
Ending Inventory |
3 |
units |
$ 188.00 |
End of answer.
Please give a thumbs-up, it will be highly appreciated.
Thanks.
Whispering Winds Corp. began operations on July 1. It uses a perpetual inventory system. During July,...
Question 5 Splish Brothers Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units $118 13 July 1 10 July 6 $126 6 July 11 6 July 14 $136 July 21 July 27 6 X Your answer is incorrect. Try again. Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.)...
Oriole Company began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 10 $58 July 6 8 July 11 6 $62 July 14 6 July 21 8 $66 July 27 7 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places,...
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Sales Units Units 7 Unit Cost $62 July 1 July 6 July 11 3 $66 July 14 July 21 July 27 Calculate average cost for each unit. (For calcula rs purpose round unit costs to 2 decimal places, eg. 15.25.) July 1 $ July 6 $ Determine the ending inventory under a perpetual inventory system...
Novak Corp, began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 10 $129 July 6 July 11 14 $145 July 14 July 21 16 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, es $105.251.) Average cost for each unit 1$ July July 6 $...
Wildhorse Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 5 $166 July 6 3 July 11 6 $180 July 14 5 July 21 7 $191 July 27 5 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.) Average cost for each unit July...
Wildhorse Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 5 $166 July 6 3 July 11 6 $180 July 14 5 July 21 7 $191 July 27 5 (a1) Correct answer iconYour answer is correct. Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g....
Sunland Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Unit Cost Units Sales Units $150 Date July 1 July 6 July 11 July 14 July 21 July 27 $164 $175 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.) Average cost for each unit July 1 July 6 July 11 July...
Sandhill Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 5 $170 July 6 3 July 11 6 $184 July 14 5 July 21 7 $195 July 27 5.... Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and...
Purchases Date Units Unit Cost Sales Units July 1 9 $68 July 6 6 July 11 5 $76 July 14 5 July 21 7 $83 July 27 6 Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.) FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system...
Рroblem 6-09A а1-а2, b Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales Purchases Sales Units Date Units Unit Cost $130 July 1 5 July 6 3 July $144 11 6 July 14 July 21 7 $155 July 27 5 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.) Average cost for...