Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation. (Round the average cost per unit to the nearest cent.) E (Click the icon to view the data.) The cost of ending inventory is Data Table The cost of goods sold is Quantity Unit Cost Total Beginning inventory 160 $ 9.00 $ 1,440 Purchases 240 2$ 13.00 $ 3,120 Goods available for sale 400 140 Ending inventory 260 Cost of goods sold Print Done
Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation. (Round the average cost per unit to the nearest cent.) E (Click the icon to view the data.) The cost of ending inventory is Data Table The cost of goods sold is Quantity Unit Cost Total Beginning inventory 160 $ 9.00 $ 1,440 Purchases 240 2$ 13.00 $ 3,120 Goods available for sale 400 140 Ending inventory 260 Cost of goods sold Print Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation.
![**Exercise: Calculating Cost of Ending Inventory and Cost of Goods Sold Using the Average-Cost Method**
Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation. *(Round the average cost per unit to the nearest cent.)*
**Data Table:**
- **Beginning Inventory**
- Quantity: 160 units
- Unit Cost: $9.00
- Total: $1,440
- **Purchases**
- Quantity: 240 units
- Unit Cost: $13.00
- Total: $3,120
- **Goods Available for Sale**
- Quantity: 400 units
- **Ending Inventory**
- Quantity: 140 units
- **Cost of Goods Sold**
- Quantity: 260 units
**Instructions:**
- The cost of ending inventory is [Enter Answer Here].
- The cost of goods sold is [Enter Answer Here].
To find the average cost per unit:
1. Calculate the total cost of goods available for sale by adding beginning inventory and purchases.
2. Divide the total cost by the total number of units available for sale.
Use this average cost per unit to determine both the ending inventory cost and the cost of goods sold.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9332ccf6-c488-4afc-a075-df98b36bdb4c%2F5243cd8e-ab3d-435e-8e4d-40f914d82656%2F57q6f52_processed.png&w=3840&q=75)
Transcribed Image Text:**Exercise: Calculating Cost of Ending Inventory and Cost of Goods Sold Using the Average-Cost Method**
Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation. *(Round the average cost per unit to the nearest cent.)*
**Data Table:**
- **Beginning Inventory**
- Quantity: 160 units
- Unit Cost: $9.00
- Total: $1,440
- **Purchases**
- Quantity: 240 units
- Unit Cost: $13.00
- Total: $3,120
- **Goods Available for Sale**
- Quantity: 400 units
- **Ending Inventory**
- Quantity: 140 units
- **Cost of Goods Sold**
- Quantity: 260 units
**Instructions:**
- The cost of ending inventory is [Enter Answer Here].
- The cost of goods sold is [Enter Answer Here].
To find the average cost per unit:
1. Calculate the total cost of goods available for sale by adding beginning inventory and purchases.
2. Divide the total cost by the total number of units available for sale.
Use this average cost per unit to determine both the ending inventory cost and the cost of goods sold.
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