Flounder 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 100 $5 $ 500 12 Purchases 385 6 2,310 23 Purchases 200 7 1,400 30 Inventory 230 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Flounder 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 100 $5 $ 500 12 Purchases 385 6 2,310 23 Purchases 200 7 1,400 30 Inventory 230 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flounder 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
|
100
|
$5
|
$ 500 | ||||
|
12
|
Purchases
|
385
|
6
|
2,310 | ||||
|
23
|
Purchases
|
200
|
7
|
1,400 | ||||
|
30
|
Inventory
|
230 |
Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
|
Weighted-average unit cost
|
$enter a weighted-average unit cost in dollars |
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)
|
FIFO
|
LIFO
|
Average-cost
|
||||
|---|---|---|---|---|---|---|
|
The cost of the ending inventory
|
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
|
The cost of goods sold
|
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
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