Pronghorn Corp reports the following for the month of June.DateExplanationUnitsUnit CostTotal CostJune 1Inventory117$5$ 58533612Purchases2,01623Purchases1831,28130Inventory239Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)Weighted-average unit cost2$LINK 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 inventory2$$The cost of goods sold$$1

Date Explanation Units Unit cost Total cost 1-Jun Inventory 117 $5 $585 12-Jun Purchases 336 $6…

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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Using Excel to Cost Inventory Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template.Use only mathematical formulas with cell references to compute the unit cost and the cost of ending inventory. In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Units Cost per Unit Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. 300 $ 6.00 400 8.00 500 9.00 Weighted-average unit cost Units on hand at period end 200 Round unit cost to 3 decimals using the ROUND function Purchases of merchandise were made in the sequence listed above. Cost of ending…
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Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300 $4 12 Purchase 450 $6 23 Purchase 750 $5 30 Ending Inventory 222 Compute the cost of the ending inventory and the cost of goods sold under • FIFO • LIFO average-cost method. Answer:
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Current Attempt in Progress Suppose that Ralph Lauren Company reports the following for the month of June Total Cast Date Jure 1 12 23 30 Explanation Units Unit Cast Inventory 34 Purchase Purchase Inventory Cost of the ending inventory Cost of goods sold Textbook and Media Chester Ca 200 500 700 ta) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption using a perpetual inventory system Assume a sale of 570 units occurred on June 15 for a selling price of $8 and a sale of 600 units on June 27 for $9 (Round average cost per unit cimal ploces, eg 5.254 and final awers to Odecinal pleces, es 2520) 230 6 S $800 3,000 5,600 FIFO LIFO Moving Avtrage Attempts of used Teden Aramat
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Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 18 Xbox′s 360 $ 265 4 Xbox′s from March April 1 43 Xbox′s 360 240 15 Xbox′s from April May 1 68 Xbox′s 360 230 12 Xbox′s from May a. Calculate the ending inventory. b. Calculate the cost of goods sold.
Teal 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
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