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**Inventory Investment Analysis for Pronghorn Corp.** **Inventory Transactions for June:** - **June 1**: - **Explanation**: Inventory - **Units**: 120 - **Unit Cost**: $5 - **Total Cost**: $600 - **June 12**: - **Explanation**: Purchases - **Units**: 320 - **Unit Cost**: $6 - **Total Cost**: $1,920 - **June 23**: - **Explanation**: Purchases - **Units**: 200 - **Unit Cost**: $7 - **Total Cost**: $1,400 - **June 30**: - **Explanation**: Inventory - **Units**: 240 **Weighted-Average Unit Cost Calculation:** - **Task**: Calculate the weighted-average unit cost. - **Given Answer**: $6.125 - (Note: Ensure the answer is rounded to three decimal places.) **Ending Inventory and Cost of Goods Sold Analysis Using Different Methods:** 1. **FIFO (First-In, First-Out) Method:** - **Cost of Ending Inventory**: $3,920 - **Cost of Goods Sold**: $2,340 2. **LIFO (Last-In, First-Out) Method:** - **Cost of Ending Inventory**: $1,320 - **Cost of Goods Sold**: $2,600 3. **Average-Cost Method:** - **Cost of Ending Inventory**: $1,567.92 - **Cost of Goods Sold**: $2,352.08 **Notes:** - Answers should be rounded to zero decimal places as per the instructions. - The analysis helps in understanding different inventory valuation methods and their impact on financial statements. Refer to your eTextbook and media resources for further learning and clarification.

**Inventory Investment Analysis for Pronghorn Corp.** **Inventory Transactions for June:** - **June 1**: - **Explanation**: Inventory - **Units**: 120 - **Unit Cost**: $5 - **Total Cost**: $600 - **June 12**: - **Explanation**: Purchases - **Units**: 320 - **Unit Cost**: $6 - **Total Cost**: $1,920 - **June 23**: - **Explanation**: Purchases - **Units**: 200 - **Unit Cost**: $7 - **Total Cost**: $1,400 - **June 30**: - **Explanation**: Inventory - **Units**: 240 **Weighted-Average Unit Cost Calculation:** - **Task**: Calculate the weighted-average unit cost. - **Given Answer**: $6.125 - (Note: Ensure the answer is rounded to three decimal places.) **Ending Inventory and Cost of Goods Sold Analysis Using Different Methods:** 1. **FIFO (First-In, First-Out) Method:** - **Cost of Ending Inventory**: $3,920 - **Cost of Goods Sold**: $2,340 2. **LIFO (Last-In, First-Out) Method:** - **Cost of Ending Inventory**: $1,320 - **Cost of Goods Sold**: $2,600 3. **Average-Cost Method:** - **Cost of Ending Inventory**: $1,567.92 - **Cost of Goods Sold**: $2,352.08 **Notes:** - Answers should be rounded to zero decimal places as per the instructions. - The analysis helps in understanding different inventory valuation methods and their impact on financial statements. Refer to your eTextbook and media resources for further learning and clarification.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Inventory Investment Analysis for Pronghorn Corp.** **Inventory Transactions for June:** - **June 1**: - **Explanation**: Inventory - **Units**: 120 - **Unit Cost**: $5 - **Total Cost**: $600 - **June 12**: - **Explanation**: Purchases - **Units**: 320 - **Unit Cost**: $6 - **Total Cost**: $1,920 - **June 23**: - **Explanation**: Purchases - **Units**: 200 - **Unit Cost**: $7 - **Total Cost**: $1,400 - **June 30**: - **Explanation**: Inventory - **Units**: 240 **Weighted-Average Unit Cost Calculation:** - **Task**: Calculate the weighted-average unit cost. - **Given Answer**: $6.125 - (Note: Ensure the answer is rounded to three decimal places.) **Ending Inventory and Cost of Goods Sold Analysis Using Different Methods:** 1. **FIFO (First-In, First-Out) Method:** - **Cost of Ending Inventory**: $3,920 - **Cost of Goods Sold**: $2,340 2. **LIFO (Last-In, First-Out) Method:** - **Cost of Ending Inventory**: $1,320 - **Cost of Goods Sold**: $2,600 3. **Average-Cost Method:** - **Cost of Ending Inventory**: $1,567.92 - **Cost of Goods Sold**: $2,352.08 **Notes:** - Answers should be rounded to zero decimal places as per the instructions. - The analysis helps in understanding different inventory valuation methods and their impact on financial statements. Refer to your eTextbook and media resources for further learning and clarification.
Transcribed Image Text:**Inventory Investment Analysis for Pronghorn Corp.** **Inventory Transactions for June:** - **June 1**: - **Explanation**: Inventory - **Units**: 120 - **Unit Cost**: $5 - **Total Cost**: $600 - **June 12**: - **Explanation**: Purchases - **Units**: 320 - **Unit Cost**: $6 - **Total Cost**: $1,920 - **June 23**: - **Explanation**: Purchases - **Units**: 200 - **Unit Cost**: $7 - **Total Cost**: $1,400 - **June 30**: - **Explanation**: Inventory - **Units**: 240 **Weighted-Average Unit Cost Calculation:** - **Task**: Calculate the weighted-average unit cost. - **Given Answer**: $6.125 - (Note: Ensure the answer is rounded to three decimal places.) **Ending Inventory and Cost of Goods Sold Analysis Using Different Methods:** 1. **FIFO (First-In, First-Out) Method:** - **Cost of Ending Inventory**: $3,920 - **Cost of Goods Sold**: $2,340 2. **LIFO (Last-In, First-Out) Method:** - **Cost of Ending Inventory**: $1,320 - **Cost of Goods Sold**: $2,600 3. **Average-Cost Method:** - **Cost of Ending Inventory**: $1,567.92 - **Cost of Goods Sold**: $2,352.08 **Notes:** - Answers should be rounded to zero decimal places as per the instructions. - The analysis helps in understanding different inventory valuation methods and their impact on financial statements. Refer to your eTextbook and media resources for further learning and clarification.
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