Inventory data for Lily Company are reported as follows. Explanation Units Unit Cost Inventory 150 Purchase Date June 1 12 228 23 Purchase 30 Inventory 450 400 (21) 8 $10 11 12 Calculate cost of goods available for sale Total Cost Assume a sale of 500 units occurred on June 15 for a selling price of 513 and a sale of 420 units on June 27 for $9. $1.500 4.950 4,800 11290
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- The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Nextossom Company uses a perpetual inventory system and reports the following for the month of June. Date une 1 12 23 30 Explanation Units Unit Cost Inventory $5 Purchase Purchase Inventory June 1 June 12 June 15 June 23 June 27 $ $ 112 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 388 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations to 0 decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $ 336 190 200 6 Total Cost $560 2,016 1,330Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 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 eTextbook and Media 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
- Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 300 units at $9 200 units 400 units at $11 300 units Oct. 1 13 22 Inventory Sale Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit 29 b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. FeedbackFind the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
- Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 340 units at $14 160 units 320 units at $15 400 units Inventory Sale Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. 14.64 ✓ per unit Oct. 1 13 22 29 b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. 5,856.00 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. 14.64 X
- Crane Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 June 23 Explanation Units Unit Cost Inventory Purchase June 27 Purchase Inventory $ $ $ eTextbook and Media 120 Save for Later 360 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 170 200 $5 6 7 Total Cost $600 2,160 1,190 Attempts: 0 of 6 used Submit AnswerHOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 $600 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Units Sold at Retail Date Description Units Purchased at Cost June 1 9 14 22 29 Beginning inventory 150 units @ $13 = $1,950 Purchase 1 Sale 1 Purchase 2 Sale 2 300 units @ $17= $5,100 260 units @ $19 = $4,940 310 units @ $25 250 units @ $25 Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold $ Cost of ending inventory $