Crane Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 Explanation Units Inventory Purchase Purchase 30 Inventory 105 350 eTextbook and Media 200 230 Weighted-average unit cost $ Unit Cost $5 6 7 Total Cost $525 2,100 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) 1,400

Crane Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 Explanation Units Inventory Purchase Purchase 30 Inventory 105 350 eTextbook and Media 200 230 Weighted-average unit cost $ Unit Cost $5 6 7 Total Cost $525 2,100 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) 1,400

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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Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 Ending inventory 70 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $29 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
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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 4,800 April 15 Purchase April 23 Purchase Compute the April 30 inventory Balance utilizing te average cost method. 400 12 350 13 4,550
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Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 77 units were sold. Explanation Unit Cost Date Units Total Cost May 1 Inventory 32 $9 $288 15 Purchase 25 10 250 42 24 Purchase 11 462 Total 99 $1,000 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $4 $ $4
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Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $10 $300 15 Purchase 25 11 275 24 Purchase 38 12 456 Total 93 $1,031 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at $ May 31 %24 %24 %24 %24