Homework Help is Here – Start Your Trial Now!
Business
Accounting
**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
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
**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.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS