Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3decimal places, eg 15.647 and final answers to O decimal places, es 5,125)FIFOLIFOAverage-costCost of the ending inventory%2424Cost of goods sold%24%24%24 Cheyenne Corp, Uses a periodic inventory system and reports the following for the month of June.DateExplanationUnitsUnit CostTotal Cost120$5$ 600June 1Inventory12Purchase3602,16023Purchase2001,40030Inventory203

First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203

Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
A company reports the following beginning inventory and 2 purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units Units Unit Cost Beginning Inventory 320 units $10.00 Purchases on January 9 80 5.20 Purchases on January 25 100 5.54 Required Assume the perpetual inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on a. The weighted average method ( Round per unit costs and inventory amounts to cents)
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