Date June 1 12 23 Explanation Units Inventory Purchase Purchase 30 Inventory eTextbook and Media 130 370 Cost of the ending inventory 200 Weighted-average unit cost $ Cost of goods sold 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 $ $ LIFO $ Average-cost
Date June 1 12 23 Explanation Units Inventory Purchase Purchase 30 Inventory eTextbook and Media 130 370 Cost of the ending inventory 200 Weighted-average unit cost $ Cost of goods sold 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 $ $ LIFO $ Average-cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Expert Solution
Step 1: Introduction:
Inventory is one of useful current asset being used in business. FIFO is first in first out method of inventory valuation, under which inventories which are purchased first will be sold out first. LIFO is last in first out method under which inventories purchased at last will be sold out first.
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