Question
In: Accounting
Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit...
Spotter Corporation reported the following for June in its periodic inventory records.
| Date | Description | Units | Unit Cost | Total Cost | ||||||
| June | 1 | Beginning | 18 | $ | 10.60 | $ | 190.80 | |||
| 11 | Purchase | 45 | 11.60 | 522.00 | ||||||
| 24 | Purchase | 33 | 13.60 | 448.80 | ||||||
| 30 | Ending | 37 | ||||||||
Required:
- Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit...
Spotter Corporation reported the following for June in its
periodic inventory records.
Date
Description
Units
Unit Cost
Total Cost
June
1
Beginning
18
$
9.60
$
172.80
11
Purchase
54
10.60
572.40
24
Purchase
28
12.60
352.80
30
Ending
32
Required:
Calculate the cost of ending inventory and the cost of goods
sold under the (a) FIFO, (b) LIFO, and
(c) weighted average cost methods. (Do not round
your intermediate calculations. Round "Weighted Average Cost" to 2
decimal places.)
Which...
Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr....
Inventory records for a company revealed the
following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 500 $2.40
Apr. 20 Purchase 400 $2.50
The company sold 700 units of inventory during the
month. Cost of goods sold assuming FIFO would be:
a.
$1,690
b.
$1,720.
c.
$1,700.
d.
$1,730.
e.
$1,710.
If management can estimate the amount of loss that will
occur due to litigation against the company, and the likelihood of
the loss is reasonably possible,...
Bailey Company uses a periodic inventory system and its inventory records contain the following information: Units...
Bailey Company uses a periodic inventory system and its
inventory records contain the following information:
Units
Total
Cost
Beginning Inventory:
300
$780
Purchased on May 10
400
1,170
Purchased on June 15
500
1,260
Purchased on August 28
300
990
1,500
$4,200
The company sold 1,000 units during June. There were no additional
purchases or sales during the remainder of the year. The company
had 500 units were in its ending inventory at the end of the
year....
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following:
Date Transaction Number of Units Unit Cost Mar. 1 Beginning
inventory 960 $7.15 Mar. 10 Purchase 540 7.65 Mar. 16 Purchase 395
8.25 Mar. 23 Purchase 530 8.95 Marvin sold 1,790 units of inventory
during the month. Ending inventory assuming FIFO would be (Do not
round your intermediate calculations. Round your answer to the
nearest dollar amount): $5,610 $1,156 $6,864 $1,541
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar.
1
Beginning inventory
1,000
$
7.26
Mar.
10
Purchase
540
7.71
Mar.
16
Purchase
760
8.14
Mar.
23
Purchase
590
8.54
Marvin sold 1,910 units of inventory during the month. Cost of
goods sold assuming FIFO would be:
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
1,070
$7.29
Mar. 10
Purchase
580
7.79
Mar. 16
Purchase
445
8.39
Mar. 23
Purchase
550
9.09
Marvin sold 1,960 units of inventory during the month. Ending
inventory assuming FIFO would be
37. Inventory records for MOM Company revealed the following: Date Transaction Number of Units Unit Cost...
37. Inventory records for MOM Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
200
$66.00
Mar. 6
Purchase
1,000
$66.50
Mar. 16
Purchase
1,000
$66.80
Mar. 23
Purchase
1,000
$66.90
MOM sold 3,190 units of inventory during the
month. Ending inventory assuming FIFO would be $______________
38. Inventory records for STC Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
100
$25.00
Mar. 3
Purchase
500
$25.50...
Bridgeport Inc.’s inventory for the month of November was as follows: Date Description Units Unit Cost...
Bridgeport Inc.’s inventory for the month of November was as
follows:
Date
Description
Units
Unit Cost
Nov.
1
Beginning inventory
100
$39
4
Purchase
500
42
11
Sale
(450
)
16
Purchase
750
45
20
Sale
(800
)
27
Purchase
600
46
(a)
Calculate the ending inventory and cost of goods sold using the
average cost formula in (1) a perpetual inventory system, and (2) a
periodic inventory system. (Round answers to 2 decimal
places, e.g. 1.25.)
DATE TRANSACTION # Units Price/Unit June 1 Beginning Inventory 50 $102 June 5 Sale 30 June...
DATE
TRANSACTION
# Units
Price/Unit
June 1
Beginning Inventory
50
$102
June 5
Sale
30
June 10
Purchase
100
$110
June 17
Sale
60
June 30
Ending Inventory
60
July 2
Purchase
100
$108
July 8
Sale
110
July 14
Purchase
50
$112
July 18
Sale
40
July 22
Purchase
60
$117
July 26
Sale
50
July 31
Ending Inventory
70
1. Assuming perpetual inventory and LIFO, what is COGS in
June?
2. Assuming perpetual inventory and average cost, what...
Bridgeport Corp. uses a periodic inventory system reports the following for the month of June. Date...
Bridgeport Corp. uses a periodic inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
112
$5
$560
12
Purchases
336
6
2016
23
Purchases
190
7
1330
30
Inventory
200
A sale of 388 units occurred on June 15 for a selling price of
$8 and a sale of 50 units on June 27 for $9.
Calculate the average cost per unit, using a perpetual inventory
system. (Round answers...
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