X Your answer is incorrect.Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.)Cost of goods soldEnding Inventory440616 Bridgeport Inc. uses a perpetual inventory system. Its records show the following for the month of May.DateMayMayMayMay1 InventoryPurchase1518UnitExplanation Units Cost24SalePurchaseTotal-2926(42 )4053$101112TotalCost$290286480$1,056

Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

XYour answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.) Cost of goods sold $ Ending Inventory $ 440 616

XYour answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.) Cost of goods sold $ Ending Inventory $ 440 616

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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Vishnu
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 60 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 60 units).
Solve for the missing information designated by "?" in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.) Case Beginning Inventory Purchases Cost of Goods Sold Ending Inventory Inventory Turnover Ratio Days to Sell a. $ 190 $ 925 $ 870 $ 245 4.0 91.3 b. C. $ 290 $ 1,380 $ 1,560 $ 110 7.8 46.8 $ 1,360 $ 105 26.8
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Given the following: Numberpurchased Costper unit Total January 1 inventory 41 $ 5 $ 205 April 1 61 8 488 June 1 51 9 459 November 1 56 10 560 209 $ 1,712 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 62 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 62 units).
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
Your Answer Correct Answer (Used) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 (b) Cost of goods sold 69 FIFO 1,890 The sum of ending inventory and cost of goods sold $ 12,785 6A For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO $ LIFO LA 1,710 12,965 LIFO
Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 42 62 52 57 213 Cost per unit $ 3 6 7 8 Cost of goods sold Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 63 units). $ 126 372 364 456 $ 1,318 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 63 units).
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Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?