Wildhorse Company uses a periodic inventory system and repots the following for the month of June.DateJune 1(a)122330Explanation UnitsInventoryPurchasePurchaseInventoryCost of the endinginventory130Cost of goods sold370190193$Unit Cost$$567Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)Total CostFIFO$6502,2201,330$$LIFO$$Average-cost

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Description: Wildhorse Company uses a periodic inventory system and repots the following for the month of June.DateJune 1(a)122330Explanation UnitsInventoryPurchasePurchaseInventoryCost of the endinginventory130Cost of goods sold370190193$Unit Cost$$567Compute t

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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Wildhorse Company uses a periodic inventory system and reps the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 130 Cost of goods sold 370 190 193 Unit Cost $ $5 6 7 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO $650 2,220 1,330 $ $ LIFO $ Average-cost

Wildhorse Company uses a periodic inventory system and reps the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 130 Cost of goods sold 370 190 193 Unit Cost $ $5 6 7 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO $650 2,220 1,330 $ $ LIFO $ Average-cost

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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From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
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