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The following information is for the inventory of mini-kettles
at Concord Company Limited for the month of May:
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
140
$4.20
$588
6
Purchase
850
4.20
3,570
7
Sale
320
$7.20
$2,304
10
Sale
320
7.40
2,368
12
Purchase
420
5.00
2,100
15
Sale
240
8.00
1,920
18
Purchase
320
4.80
1,536
22
Sale
420
7.80
3,276
25
Purchase
500
4.40
2,200
30
Sale
240
7.60...
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Exercise 8-18
The following information is for the inventory of mini-kettles at
Bridgeport Company Limited for the month of May.
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
130
$4.40
$572
6
Purchase
850
4.40
3,740
7
Sale
330
$7.40
$2,442
10
Sale
330
7.60
2,508
12
Purchase
430
4.80
2,064
15
Sale
250
7.80
1,950
18
Purchase
330
4.80
1,584
22
Sale
430
7.80
3,354
25
Purchase
520
4.60
2,392
30
Sale...
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Exercise 8-18
The following information is for the inventory of mini-kettles at
Funnell Company Limited for the month of May.
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
100
$4.10
$410
6
Purchase
800
4.20
3,360
7
Sale
300
$7.00
$2,100
10
Sale
300
7.30
2,190
12
Purchase
400
4.50
1,800
15
Sale
200
7.40
1,480
18
Purchase
300
4.60
1,380
22
Sale
400
7.40
2,960
25
Purchase
500
4.58
2,290
30
Sale...
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Brief Exercise 8-4
Sweet Company uses a periodic inventory system. For April, when the
company sold 650 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
310
$34
$ 10,540
April 15 purchase
420
41
17,220
April 23 purchase
270
44
11,880
1,000
$39,640
Calculate weighted average cost per unit. (Round
answer to 2 decimal places, e.g. 2.76.)
Weighted average cost per unit
$
LINK TO TEXT
Compute the April 30 inventory and the April...
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Brief Exercise 8-4 Headland Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $31 $ 8,680 April 15 purchase 450 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per units Compute the April 30 inventory and the April cost of goods sold using...
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Exercise 6-05 Pina Colada Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Units Unit Cost May 1 Explanation Inventory Purchase 30 Total Cost $270 250 25 15 24 Purchase 45 11 495 Total 100 $1,015 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods....
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You are provided with the following information for Concord Inc.
for the month ended June 30, 2019. Concord uses the periodic system
for inventory.
Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
43
$41
June
4
Purchase
137
45
June
10
Sale
115
70
June
11
Sale return
17
70
June
18
Purchase
56
47
June
18
Purchase return
8
47
June
25
Sale
67
75
June
28
Purchase
35
51
(a1)Calculate weighted-average cost per unit....
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Alternative Inventory Methods
Garrett Company has the following transactions during the months
of April and May:
Date
Transaction
Units
Cost/Unit
April 1
Balance
500
17
Purchase
200
$5.10
25
Sale
150
28
Purchase
100
$5.90
May 5
Purchase
250
$5.10
18
Sale
300
22
Sale
50
The cost of the inventory on April 1 is $5, $4, and $2 per unit,
respectively, under the FIFO, average, and LIFO cost flow
assumptions.
Required:
Compute the costs of goods sold for each...
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A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 450 units. Ending inventory at January 31 totals 170
units.
Assume the periodic inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on
the weighted average method. (Round per unit costs to 3
decimal places. Amounts to be deducted should be indicated with a
minus sign.)
A company reports the following beginning...
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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
Exercise 8-18
The following information is for the inventory of mini-kettles at
Bridgeport Company Limited for the month of May.
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
130
$4.40
$572
6
Purchase
850
4.40
3,740
7
Sale
330
$7.40
$2,442
10
Sale
330
7.60
2,508
12
Purchase
430
4.80
2,064
15
Sale
250
7.80
1,950
18
Purchase
330
4.80
1,584
22
Sale
430
7.80
3,354
25
Purchase
520
4.60
2,392
30
Sale...
Exercise 8-18
The following information is for the inventory of mini-kettles at
Funnell Company Limited for the month of May.
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
100
$4.10
$410
6
Purchase
800
4.20
3,360
7
Sale
300
$7.00
$2,100
10
Sale
300
7.30
2,190
12
Purchase
400
4.50
1,800
15
Sale
200
7.40
1,480
18
Purchase
300
4.60
1,380
22
Sale
400
7.40
2,960
25
Purchase
500
4.58
2,290
30
Sale...
Brief Exercise 8-4
Sweet Company uses a periodic inventory system. For April, when the
company sold 650 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
310
$34
$ 10,540
April 15 purchase
420
41
17,220
April 23 purchase
270
44
11,880
1,000
$39,640
Calculate weighted average cost per unit. (Round
answer to 2 decimal places, e.g. 2.76.)
Weighted average cost per unit
$
LINK TO TEXT
Compute the April 30 inventory and the April...
Brief Exercise 8-4 Headland Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $31 $ 8,680 April 15 purchase 450 16,650 April 23 purchase 270 40 10,800 1,000 $36,130 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per units Compute the April 30 inventory and the April cost of goods sold using...
Exercise 6-05 Pina Colada Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Units Unit Cost May 1 Explanation Inventory Purchase 30 Total Cost $270 250 25 15 24 Purchase 45 11 495 Total 100 $1,015 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods....
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 450 units. Ending inventory at January 31 totals 170
units.
Assume the periodic inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on
the weighted average method. (Round per unit costs to 3
decimal places. Amounts to be deducted should be indicated with a
minus sign.)
A company reports the following beginning...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...