Oriole Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 Explanation Units Unit Cost Inventory Purchase June 12 Purchase Inventory $ 117 $ 333 200 250 $5 6 7 Total Cost Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 350 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $585 1,998 1,400

Oriole Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 Explanation Units Unit Cost Inventory Purchase June 12 Purchase Inventory $ 117 $ 333 200 250 $5 6 7 Total Cost Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 350 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $585 1,998 1,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 310 390 300 1,000 Unit Cost $ $20 24 26 Total Cost $6,200 9,360 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 7,800 $23,360
Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220 (a1) Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ (a2) eTextbook and Media 6,125 Attempts: 2 of 5 used 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, eg. 125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 140 $5 $700 12 Purchase 360 6 2,160 23 Purchase 220 7 1.540 30 Inventory 270 (a1) Your answer is partially correct. 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 $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) June 1 $ June 12 $ June 15 $ June 23 $ June 27 $ 5
Mena Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory 20 units @ $3,000/unit Apr. 6 Purchase 30 units @ $3,500/unit Apr. 9 Sales 35 units @ $12,000/unit Apr. 17 Purchase 5 units @ $4,500/unit Apr. 25 Purchase 10 units @ $4,580/unit Apr. 30 Sales 25 units @ $14,000/unit Total 65 units 60 units Required Calculate the amount of Gross Profit by using FIFO method Weighted Average Method
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 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) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Tablet Company, which uses a periodic inventory system, reports the following in its inventory records forJune: Units Unit CostBeginning Inventory 10 $12.00Purchase #1 5 $10.00Purchase #2 5 $14.00 During June, Tablet Company sold 12 units. Using the weighted-average cost method, compute the June 30 ending inventory balance for this product.
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available Units Unit Cost Total Cost April 1 Inventory 250 10 $2,500 4,800 April 15 Purchase April 23 Purchase Compute the April 30 inventory Balance utilizing te average cost method. 400 12 350 13 4,550
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the September 17 cost of goods sold would be: Oa. $500 Ob. $400 Oc. $600 Od. $450
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Answer: Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 140 units @ $60.80 per unit units @ $62.80 per unit 530 units Calculate the total cost of goods available for sale Units Sold at Retail 250 units @ $85.80 per unit 120 units 370 units @ $95.80 per unit
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $30 $750 June 16 Purchase 27 units @ $33 891 Nov. 28 Purchase 45 units @ $39 1,755 97 units $3,396 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.$
Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580