Marin 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 110 $5 $550 12 Purchases 375 6 2,250 23 23 Purchases 220 7 1,540 30 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ 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.)

Marin 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 110 $5 $550 12 Purchases 375 6 2,250 23 23 Purchases 220 7 1,540 30 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ 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.)

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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Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost $5 $ 650 June 1 Inventory 130 12 Purchase 340 6 2,040 23 Purchase 200 7 1,400 30 Inventory 203 (a) 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, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO LIFO Average-cost Cost of the ending 2$ $ 2$ inventory Cost of goods sold $
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Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?
Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand.Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory $enter a value of ending inventory in dollars Cost of goods sold $enter a cost of goods sold in dollars
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Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 120 $1,200 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 470 5,880 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) $ B. Last-in, First-out (LIFO) $ C. Weighted Average (AVG) 2$
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