Pronghorn Corp reports the following for the month of June.DateExplanationUnitsUnit CostTotal CostJune 1Inventory117$5$ 58512Purchases3362,01623Purchases1831,28130Inventory239Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)Weighted-average unit costLINK TO TEXTVIDEO: APPLIED SKILLSVIDEO: SIMILAR EXERCISECompute 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.)FIFOLIFOAverage-costThe cost of the ending inventory$4$4The cost of goods sold2$2$

Following are the calculation of weighted average unit cost:

Answered: Pronghorn Corp reports the following…

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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eBook Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventor 890 $50 Purchased 610 52 Sold 400 $100 Sold 350 110 Ending inventory 750
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Current Attempt in Progress Sunland Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $2 $300 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. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) FIFO LIFO Moving-Average Cost The cost 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 eTextbook and Media
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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 24 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Date January 1 April 1 June 1 September 1 Total Units purchased Cost per unit 42 32 54 47 175 FIFO. Cost of Goods Sold. Ending Inven LIFO Average cost Total cost $ 6.20 6.20 5.20 6.20 $260.40 198.40 280.80 291.40 $ 1,031.00
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Tamarisk, Inc. reports the following for the month of June. June 1. Inventory 364 12 23 30 Purchase Purchase Inventory Units 728 Cost of goods sold 546 182 Cost of the ending inventory eTextbook and Media $ LA Unit Cost $ $4 7 11 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Total Cost $ 1,456 FIFO 5,096 6,006 B Which costing method gives the higher ending inventory? LIFO
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