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

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

Name: Sunland Company uses a perpetual inventory system and reports the fol
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Sunland Company uses a perpetual inventory system and reports the following for the month of June.DateExplanation UnitsUnit CostTotal CostJune 1Inventory140$5$70012Purchase36062,16023Purchase22071.54030Inventory270(a1)Your answer is partially correc

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

Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date May 1 15 24 (a1) Explanation Inventory Purchase Purchase Total Units 37 24 39 100 Weighted-average unit cost Unit Cost $ $8 9 10 Total Cost $296 216 390 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $902
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Units 310 70 Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 $ 2.90 3.10 3.24 100 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of # of Cost per Cost per Cost of Cost per Inventory Balance Date units # of units units unit unit Goods Sold unit sold January 1 January 9 2$ January 25 January 26 Totals
Vishnu
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory on January 31 totals 170 units. Units Unit cost Beginning inventory on January 1 390 $3.80 Purchase on January 9 90 4.00 Purchase on January 25 120 4.10 Required::::Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1
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
Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 7 $62 July 6 5 July 11 3 $66 July 14 3 July 21 4 $71 July 27 3 Calculate average cost for each unit: July 1 - $ 62 July 6 - $ 62 July 11- $ 64.4 July 14- $ ? July 21-$ ? July 27-$ ? Determine the ending inventory system using (1) FIFO, (2) Moving-Average, and (3) LIFO - FIFO $213 - LIFO $ ? - Moving-Average $ ?
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 April 15 purchase 400 12 4,800 April 23 purchase 350 13 4,550 1,000 $11,850 Compute the April 30 inventory and the April cost of goods sold using the average-cost method.
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Culver 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 100 $5 $ 500 12 Purchases 365 6 2,190 23 Purchases 210 7 1,470 30 Inventory 250
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)