Wildhorse 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 122 $4 $488 12 Purchase 488 6 2,928 23 Purchase 305 8 2,440 30 Inventory 285 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) FIFO Cost of the ending inventory $ Cost of goods sold $ $ $ LIFO Average-Cost $ $
Wildhorse 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 122 $4 $488 12 Purchase 488 6 2,928 23 Purchase 305 8 2,440 30 Inventory 285 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) FIFO Cost of the ending inventory $ Cost of goods sold $ $ $ LIFO Average-Cost $ $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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![Wildhorse 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
122
$4
$488
12
Purchase
488
6
2,928
23
Purchase
305
8
2,440
30
Inventory
285
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation
purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.)
FIFO
Cost of the ending inventory
$
Cost of goods sold
$
$
$
LIFO
Average-Cost
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb60d532a-9aac-45a2-a466-49da1bb79676%2F4a1596be-e9a4-4ad5-a3b8-7f481358327d%2Fjd00ijd_processed.png&w=3840&q=75)
Transcribed Image Text:Wildhorse 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
122
$4
$488
12
Purchase
488
6
2,928
23
Purchase
305
8
2,440
30
Inventory
285
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation
purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.)
FIFO
Cost of the ending inventory
$
Cost of goods sold
$
$
$
LIFO
Average-Cost
$
$
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