Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a1) Units 350 370 280 1,000 Unit Cost $24 29 31 Total Cost $8,400 10,730 8,680 $27,810 Calculate weighted-average cost per unit. (Round answer to 2 decimal places, eg. 2.76.)

Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a1) Units 350 370 280 1,000 Unit Cost $24 29 31 Total Cost $8,400 10,730 8,680 $27,810 Calculate weighted-average cost per unit. (Round answer to 2 decimal places, eg. 2.76.)

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

Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 310 390 300 1,000 Unit Cost $ $20 24 26 Total Cost $6,200 9,360 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 7,800 $23,360
Vishnu
Vaibhav
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. January 1 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date Goods purchased Cost per unit # of units Units 280 60 100 Unit Cost $ 2.60 2.80 2.94 # of units sold Weighted Average-Perpetual: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost per unit Inventory Balance
Tablet Company, which uses a periodic inventory system, reports the following in its inventory records forJune: Units Unit CostBeginning Inventory 10 $12.00Purchase #1 5 $10.00Purchase #2 5 $14.00 During June, Tablet Company sold 12 units. Using the weighted-average cost method, compute the June 30 ending inventory balance for this product.
A company's inventory records indicate the following data for the month of April: Date April 1 April 7 Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 April 11 April 16 500 units @ $44 = $22,000 April 22 Sale April 29 Purchase 480 units @ $50 = $24,000 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending inventory? Beginning inventory Purchase Sale Purchase Multiple Choice $38,480. $33,300. Activities $35,922. $40,720. Units Sold at Retail 1,000 units @ $110 Help 400 units @ $110
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 510 units—170 from each of the last three purchases. January 1 Beginning inventory 270 units @ $4.80 = $ 1,296 March 7 Purchase 580 units @ $5.75 = 3,335 July 28 Purchase 1,220 units @ $5.30 = 6,466 October 3 Purchase 1,100 units @ $5.60 = 6,160 December 19 Purchase 600 units @ $5.80 = 3,480 Totals 3,770 units $ 20,737 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income?
Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units, the following information is available. Units Unit Cost Total Cost October 1 inventory 600 $ 18 $ 10,800 October 8 purchase 1,200 19 22,800 October 25 purchase 600 22 13,200 2,400 $ 46,800 Compute the October 31 inventory and the October cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ %24
Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
Amsterdam 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 250 $10 $ 2,500 April 15 purchase 400 12 4,800 April 23 purchase 350 13 4,550 1,000 $11,850 Compute the April 30 inventory and the April cost of goods sold using the average-cost method.
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 365 6 2,190 23 Purchases 210 7 1,470 30 Inventory 250