Question

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 places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory s The cost of goods sold Click if you would like to Show Work for this question: Open Show Work

Answer 1

Weighted Average Unit Cost = (4445/725) 6.131 FIFO LIFO Average Cost Cost of Ending inventory 1533 1725 1370 Cost of Goods sold 3075 2720 2912 Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Cost Per Ending cost of Goods # of Units Available for sales # of Units Cost Per Unit Cost Per Unit Goods Sold sold # of Units Unit Inventory Beginning inventory| Purchases 130 5 650 5 130 650 0 0 345 25 150 Jun-12 370 6 2220 6 2070 6 225 1575 225 1575 Jun-23 7 0 7 0 7 Totals 725 475 250 4445 2720 1725

Periodic : LIF0 Goods Purchasd Cost of Goods Sold Inventory Balance Cost Per Ending #of Units Cost of cost of Goods Available for sales # of Units Cost Per Unit #of Units Unit Goods Sold sold Cost Per Unit Inventory Beginning inventory Purchases Jun-12 5 5 130 650 0 0 130 5 650 370 2220 250 6 6 1500 120 6 720 1575 225 1575 Jun-23 225 7 7 0 7 0 Totals Periodic: Weighted Average 250 725 4445 475 3075 1370 Goods Purchasd Cost of Goods Sold Inventory Balance # of Cost of Cost Per Ending cost of Goods # of Units Cost Per Unit # of Units Units Cost Per Unit Available for sales Goods Sold Unit Inventory sold Beginning inventory 130 Purchases 650 Jun-12 370 6 2220 Jun-23 225 5 1575 7 Totals 475 250 1533 6.131 4445 6.131 2912 6.131