-/ 1 Question 3 of 6 Pearl Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $ 520 12 Purchases 520 6 3,120 23 Purchases 325 2,600 30 Inventory 305 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-Cost The cost of the ending inventory The cost of goods sold !!! %24 %24 %24 %24 %24

-/ 1 Question 3 of 6 Pearl Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $ 520 12 Purchases 520 6 3,120 23 Purchases 325 2,600 30 Inventory 305 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-Cost The cost of the ending inventory The cost of goods sold !!! %24 %24 %24 %24 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

4 Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchases Purchases. Inventory 130 370 200 240 $5 Weighted-average unit cost $ 6 7 Total Cost $650 2,220 1,400 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 860 $60 Purchased 650 62 Sold 400 $100 Sold 350 110 Ending inventory 760 AVG (perpetual) Inventory Cost of Goods Sold Cost of Inventory Remaining Cost of Goods Purchased Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Purchase Sale Sale Total COGS Total Purchases
Sagar
Jesters company uses a periodic inventory system and reports the following for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? Explain why the average cost is not $6
Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000
Please help me
A & B please
s
ok rint From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending Inventory is 49 units. Note: Round your intermediate calculations and final answers to the nearest cent. 1.0 lerences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 Mc Graw Hill September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 -- Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev lab caps lock shift BUD fr 7 of 10 control JUL 30 A 2 Z 1 W option Next # S E H D command R C 5 F V G Y B H A 8 N J K M O ge command ont