Question
In: Accounting
Culver Corporation uses a perpetual inventory system reports the following for the month of June. Date...
Culver Corporation uses a perpetual inventory system reports the following for the month of June.
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
|---|---|---|---|---|---|---|---|---|
|
June 1 |
Inventory |
140 |
$6 |
$840 | ||||
|
12 |
Purchases |
360 |
7 |
2,520 | ||||
|
23 |
Purchases |
230 |
8 |
1,840 | ||||
|
30 |
Inventory |
245 |
Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $9 and a sale of 55 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.)
|
June 1 |
$ | |
|---|---|---|
|
June 12 |
$ | |
|
June 15 |
$ | |
|
June 23 |
$ | |
|
June 27 |
$ |
Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $9 and a sale of 55 units on June 27 for $10. (Round answers to 0 decimal places, e.g. 125.)
|
FIFO |
LIFO |
Moving-Average |
||||
|---|---|---|---|---|---|---|
| The Cost of Ending Inventory | $. | $. | $. | |||
| The Cost of Goods Sold | $. | $ | $ |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Flounder Corp. uses a perpetual inventory system reports the following for the month of June. Date...
Flounder Corp. uses a perpetual inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
130
$4
$520
12
Purchases
390
5
1,950
23
Purchases
220
6
1,320
30
Inventory
240
Partially correct answer iconYour answer is partially
correct.
Calculate the average cost per unit, using a perpetual inventory
system. Assume a sale of 450 units occurred on June 15 for a
selling price of $7 and a sale of...
Pina Colada Corp. uses a perpetual inventory system reports the following for the month of June....
Pina Colada Corp. uses a perpetual inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
130
$4
$520
12
Purchases
390
5
1,950
23
Purchases
230
6
1,380
30
Inventory
265
New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
Calculate the average cost per unit, using a perpetual inventory
system. Assume a sale of 430 units occurred on...
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...
Swifty Corporation uses a periodic inventory system and reports the following for the month of June....
Swifty Corporation uses a periodic inventory system and reports
the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
140
$5
$ 700
12
Purchase
390
6
2,340
23
Purchase
190
7
1,330
30
Inventory
193
a)
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, e.g. 15.647 and final answers to 0
decimal places, e.g....
Ayayai Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Ayayai Ltd. uses the perpetual inventory system and reports the
following inventory transactions for the month of June:
Date
Explanation
Units
Unit Cost
Total Cost
June
1
Beginning inventory
1,390
$4
$5,560.00
12
Purchases
2,230
5
11,150
15
Sale
(2,640
)
16
Purchases
4,580
6
27,480
23
Purchases
1,640
7
11,480
27
Sales
(5,460
)
Part 1
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final...
Ayayai Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Ayayai Ltd. uses the perpetual inventory system and reports the
following inventory transactions for the month of June:
Date
Explanation
Units
Unit Cost/Price
Total Cost
June
1
Beginning inventory
1,480
$5
$7,400
12
Purchases
2,340
6
14,040
15
Sale
(2,420
)
12
16
Purchases
4,280
7
29,960
23
Purchases
1,580
8
12,640
27
Sales
(5,580
)
15
alculate the gross profit for the month of June using (1) FIFO
and (2) average cost. (Round average final answers to 2
decimal...
Grouper Corp. uses a periodic inventory system and reports the following for the month of June....
Grouper Corp. uses a periodic inventory system and reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
130
$5
$ 650
12
Purchases
400
6
2,400
23
Purchases
220
7
1,540
30
Inventory
250
Calculate weighted-average unit cost. (Round answer
to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$ 6.120
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO, and average-cost. (Round answers...
Jeters Company uses a periodic inventory system and reports the following for the month of June....
Jeters 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 120 $5 $600 12 Purchase 370 6 2,220 23
Purchase 200 7 1,400 30 Inventory 230 Instructions
a. Compute the cost of the ending inventory and the cost of
goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round
average unit cost to three decimal places.)
b. Which costing method gives the highest...
Kaleta Company uses the periodic inventory system and reports the following for the month of June....
Kaleta Company uses the periodic inventory system and reports
the following for the month of June. Units Unit Cost Total Cost
Units Unit Cost Total Cost
June 1 Inventory 200 $5 $1,000
June 12 Purchase 400 6 2,400
June 23 Purchase 300 7 2,100
June 30th Inventory 100
Compute the cost of ending inventory and the cost of goods sold
using the average-cost method. (Round answers to 0 decimal
places)
The ending inventory $________
The Cost of...
Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June....
Larkspur, Inc. uses a periodic inventory system and reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
105
$5
$ 525
12
Purchases
375
6
2,250
23
Purchases
205
7
1,435
30
Inventory
240
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...
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