Question
In: Accounting
AP Jeters Company uses a periodic inventory system and reports the following for the month of...
AP 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 |
| June 12 | Purchase | 370 | $6 | $2200 |
| June 23 | Purchase | 200 | $7 | $1400 |
| June 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 ending inventory? The highest cost of goods sold? Why?
c. How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?
d. Explain why the average cost is not $6.
Solutions
Expert Solution
Hope it helps, In case of any doubt or Issues please comment below.
ekkarill92 answered 1 year agoRelated Solutions
1. Jeters Company uses a periodic inventory system and reports the following for the month of...
1. Jeters Company uses a periodic
inventory system and reports the following for the month of
September.
Date
Explanation
Units
Unit Cost
Total Cost
9/1
Inventory
120
$5
$ 600
9/12
Purchases
370
6
2.220
9/23
Purchases
200
7
1,400
9/30
Inventory
230
Instructions
Compute the cost of ending inventory and the cost of goods sold
using the FIFO, LIFO, and average-cost methods. (Round average unit
cost to three decimal places)
Which costing method gives the highest ending...
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...
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...
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....
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...
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...
Sage Hill Inc. uses a periodic inventory system reports the following for the month of June....
Sage Hill Inc. uses a periodic inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
120
$5
$600
12
Purchases
360
6
2,160
23
Purchases
210
7
1,470
30
Inventory
300
A sale of 340 units occurred on June 15 for a selling price of $9
and a sale of 50 units on June 27 for $10.
(a)
Your Answer
Correct Answer
Partially correct answer iconYour answer is partially...
Exercise 6-7 Bramble Corp. uses the periodic inventory system and reports the following for the month...
Exercise 6-7
Bramble Corp. uses the periodic inventory system and reports the
following for the month of June.
Units
Unit Cost
Total Cost
June 1
Inventory
264
$5
$ 1,320
12
Purchase
528
7
3,696
23
Purchase
396
11
4,356
30
Inventory
132
a. Compute the cost of the ending inventory and the cost of
goods sold under FIFO and LIFO.
b. Which costing method gives the higher ending inventory?
c. Which method results in the higher cost of goods...
Exercise 6-9 Monty Corp. uses the periodic inventory system and reports the following for the month...
Exercise 6-9 Monty Corp. uses the periodic inventory system and
reports the following for the month of June. Units Unit Cost Total
Cost June 1 Inventory 310 $6 $ 1,860 12 Purchase 620 7 4,340 23
Purchase 465 11 5,115 30 Inventory 155
Compute the cost of the ending inventory and the cost of goods
sold using the average-cost method.
Will the results in (a) be higher or lower than the results
under FIFO and LIFO?
(Poster request: Please show...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Assume i = 4, j = 9, k = 5 and m = -3. What does...
- 1. Which is better to own during a period of declining interest rates in terms of...
- Ms. Patricia Sullivan plans to create a fund from her lottery winnings to meet three objectives....
- Please answer questions in 175 words. Recall an information system that you have used regularly, such...
- The text states that ROW, ROE and EPS are not reliable indicators of a corporations's economic...
- A professor has constructed a 3-by-4 two-dimensional array of float numbers. This array currently contains the...
- Ratio 2018 2017 2016 2018-industry average 1 Inventory turnover 62.65 42.42 32.25 53.25 2 Days's sales...
ADVERTISEMENT