Question
In: Finance
Bronco General Hospital purchased OR implants on the following dates and amounts. Date Units Price Total...
Bronco General Hospital purchased OR implants on the following dates and amounts.
| Date | Units | Price | Total |
| 1/1 Beginning Balance | 60 | 2500 | 150000 |
| 3/27 Purchase | 20 | 2450 | 49000 |
| 4/15 Purchase | 15 | 1500 | 22500 |
| 6/25 Purchase | 20 | 1700 | 34000 |
| 7/30 Purchase | 25 | 1600 | 40000 |
| 9/28 Purchase | 18 | 1700 | 30600 |
| 11/15 Purchase | 15 | 1900 | 28500 |
| 12/31 Ending Balance | 75 |
A – Using FIFO what is the ending cost of inventory?
B - Using LIFO what is the ending cost of inventory?
B - Using weighted average what is the ending cost of
inventory?
Solutions
Expert Solution
| a) FIFO | |||
| Ending inventory | Units | Unit cost | Total |
| Inventory from purchase 11/15 | 15 | 1900 | 28500 |
| Inventory from purchase 9/28 | 18 | 1700 | 30600 |
| Inventory from purchase 7/30 | 25 | 1600 | 40000 |
| Inventory from purchase 6/25 | 17 | 1700 | 28900 |
| 75 | 128000 | ||
| Ending inventory is $128000 | |||
| b) LIFO | |||
| Ending inventory | Units | Unit cost | Total |
| Inventory from beginning balance | 60 | 2500 | 150000 |
| Inventory from purchase 3/27 | 15 | 2450 | 36750 |
| 75 | 186750 | ||
| Ending inventory is $186750 | |||
| c)Weighted Average cost: | |||
| Units available for sale= 60+20+15+20+25+18+15= 173 | |||
| Average cost per unit= cost of goods available for sale/total units available | |||
| =(150000+49000+22500+34000+40000+30600+28500)/173 | |||
| =354600/173=2049.71 | |||
| Ending inventory= 75*2049.71=$153728.25 | |||
jeff jeffy answered 2 years agoRelated Solutions
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date activities units cost total units sold retail price total aug 1 beginning inventory 150 $8.00...
date
activities
units
cost
total
units sold
retail price
total
aug 1
beginning inventory
150
$8.00
$1,200.00
aug 10
sales
70
$80.00
$5,600.00
aug 20
purchases
50
$9.00
$450.00
aug 25
sales
100
$80.00
$8,000.00
aug 31
purchases
50
$9.25
$475.00
totals
250
$2125.00
170
Corey Church is a seller of designer sunglasses. Following is a
summary of Corey Church’s purchases and sales for the month of
August, 2020. Calculate the cost of the ending inventory under the
A) FIFO...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the perpetual inventory system.
Be sure to do...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the periodic inventory system.
Be sure to do...
Post the total amounts from the journal in the following general ledger accounts and in the...
Post the total amounts from the journal in the following
general ledger accounts and in the accounts receivable subsidiary
ledger accounts for Paula Kohr, Page Alistair, and Nic
Nelson.
[The following information applies to the questions
displayed below.]
Wiset Company completes these transactions during April of the
current year (the terms of all its credit sales are 2/10,
n/30).
Apr.
2
Purchased $15,600
of merchandise on credit from Noth Company, invoice dated April 2,
terms 2/10, n/60.
3
(a)
Sold...
USE OF AVERAGE COST METHOD Unit cost / Balance Date Explanation Units Price Total Costs in...
USE OF AVERAGE COST METHOD
Unit cost /
Balance
Date
Explanation
Units
Price
Total Costs
in units
02-Jun
Purchase
225
$ 60
$ 13,500
225
03-Jun
Purchase
350
$ 80
$ 28,000
575
10-Jun
Sale
300
$ 100
$ 30,000
275
15-Jun
Purchase
900
$ 85
$ 76,500
1175
25-Jun
Sales
325
$ 110
$ 35,750
850
What is total value of ending inventory after the purchase of
June 3rd? $ Answer
What is the unit cost of ending inventory after the June 15th
purchase? $ Answer
What is the total...
Humphries Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Humphries Company reports the following for the month of June.
Date Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5
$1 000 12 Purchase 300 6 1 800 23 Purchase 500 7 3 500 30 Inventory
160 Instructions Assume a sale of 400 units occurred on 15 June for
a selling price of $8 and a sale of 440 units on 27 June for $9.
Assume that a perpetual inventory system is used. Using FIFO,
calculate: (a) the...
Plato Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Plato Company reports the following for the month of June.
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Inventory
225
$5
$1,125
12
Purchase
375
6
2,250
23
Purchase
500
7
3,500
30
Inventory
180
A) Compute the cost of the ending inventory and the cost of good
sold under (1) FIFO, (2) LIFO, (3) average cost
B) Which costing method gives the highest ending inventory? the
highset cost of goods sold? why?
C) How do the average cost...
Pronghorn Corp reports the following for the month of June. Date Explanation Units Unit Cost Total...
Pronghorn Corp reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
120
$5
$600
12
Purchases
346
6
2,076
23
Purchases
189
7
1,323
30
Inventory
229
A sale of 375 units occurred on June 15 for a selling price of $8
and a sale of 51 units on June 27 for $9.
Calculate the average cost per unit, using a perpetual inventory
system. (Round answers to 3 decimal places, e.g....
Headlands Industries reports the following for the month of June. Date Explanation Units Unit Cost Total...
Headlands Industries reports the following for the month of
June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
132
$5
$ 660
12
Purchases
392
6
2,352
23
Purchases
190
7
1,330
30
Inventory
235
Calculate weighted-average unit cost. (Round answer
to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$enter a weighted-average unit cost
in dollars
eTextbook and Media
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO,...
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