### Inventory and Cost Analysis#### Inventory Transactions| Date | Explanation | Units | Unit Cost | Total Cost ||----------|-------------|-------|-----------|------------|| June 1 | Inventory | 130 | $5 | $650 || June 12 | Purchase | 370 | $6 | $2,220 || June 23 | Purchase | 200 | $7 | $1,400 || June 30 | Inventory | 230 | | |#### Weighted-Average Unit Cost CalculationCalculate the weighted-average unit cost. **(Round answer to 3 decimal places, e.g., 5.125.)**- **Weighted-average unit cost:** $6.100 #### Inventory Valuation MethodsCompute the cost of the ending inventory and the cost of goods sold using the FIFO, LIFO, and average-cost methods. **(Round answers to 0 decimal places, e.g., 125.)**| | FIFO | LIFO | Average-cost ||------------|-------|-------|--------------|| Cost of the ending inventory | $ | $ | $ || Cost of goods sold | $ | $ | $ |These tools and calculations are essential in accounting to determine the value of inventory and to assess cost of goods sold, impacting financial statements. Various methods such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and the average-cost method offer different perspectives and advantages in inventory valuation.

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Description: ### Inventory and Cost Analysis#### Inventory Transactions| Date | Explanation | Units | Unit Cost | Total Cost ||----------|-------------|-------|-----------|------------|| June 1 | Inventory | 130 | $5 | $650 || June 12 | P

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Date June 1 12 23 30 Explanation Inventory Purchase Purchase Inventory eTextbook and Media Units 130 Cost of the ending inventory 370 Cost of goods sold 200 Weighted-average unit cost $ 230 Unit Cost $ $5 $ 6 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) 7 Total Cost $650 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to decimal places, e.g. 125.) FIFO 2,220 1,400 6.100 $ $ LIFO $ $ Average-cost

Date June 1 12 23 30 Explanation Inventory Purchase Purchase Inventory eTextbook and Media Units 130 Cost of the ending inventory 370 Cost of goods sold 200 Weighted-average unit cost $ 230 Unit Cost $ $5 $ 6 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) 7 Total Cost $650 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to decimal places, e.g. 125.) FIFO 2,220 1,400 6.100 $ $ LIFO $ $ Average-cost

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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Question 9 of 13 > 0/1 Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June. Unit Date Explanation Units Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchase 340 6 2,040 23 Purchase 200 1,400 30 Inventory 203 (a) X Your answer is incorrect. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Cost of the ending inventory 2$ 1640 1310 $ 1464 Cost of goods sold 2$ 2630 2$ 2960 2$ 2806
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Date June 1 12 23 30 Explanation Inventory Purchase Purchase Inventory e Textbook and Media Units 130 Cost of the ending inventory 370 Cost of goods sold 200 Weighted-average unit cost 230 Unit Cost $ $5 $ 6 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) 7 Total Cost $650 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, e.g. 125.) FIFO 2,220 1,400 6.100 LA tA LIFO $ LA $ tA Average-cost
Cost/Unit Units 5 $ 30 6 7 9 120 60 90 Explanation Beginning Purchase Purchase Purchase .Shandy Shutters has the following inventory information Date Nov.1 Nov.8 Nov.17 Nov.25 .During the month, total units sold are 120 units ?Using the Weighted-Average method, what is the Cost of Goods Sold $690 $1,410 O $1,260 O $840
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases O a. $363,000 O b. $297,000 O c. $75,000 O d. $57,000 $660,000 45% $75,000 $345,000
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Hh1. Account Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $41 $738 Aug. 13 Purchase 7 units at $44 308 Nov. 30 Purchase 10 units at $46 460 Available for sale 35 units $1,506 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). 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 cost $fill in the blank 3
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.
1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980