Question
In: Accounting
Eastland Company reports the following for the month of June. Date Explanation Units Unit cost Total...
Eastland Company reports the following for the month of June.
|
Date |
Explanation |
Units |
Unit cost |
Total cost |
|
Jun-01 |
Inventory |
252 |
4 |
1,008 |
|
12 |
Purchase |
378 |
9 |
3,402 |
|
23 |
Purchase |
630 |
12 |
7,560 |
|
30 |
Inventory |
202 |
Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO.
Do not copy from Chegg, otherwise, I have to report the answer.
Solutions
Expert Solution
As per FFIO method
Cost of Ending inventory is
$2424.
As per LIFO method
Cost of ending inventory is
$808.
ekkarill92 answered 1 year agoRelated Solutions
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Date
Explanation
Units
Unit
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Total
Cost
June
1
Inventory
225
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$1,125
12
Purchase
375
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2,250
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B) Which costing method gives the highest ending inventory? the
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Total Cost
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Inventory
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$5
$1,125
12
Purchase
525
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3,150
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5,250
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Instructions
(a) Calculate the
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cost flow assumption [LIFO,FIFO], using a perpetual inventory
system. Assume a sale of 570 units occurred on June 15 for a
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Date
Explanation
Units
Unit Cost
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June
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Inventory
225
$5
$1,125
12
Purchase
525
6
3,150
23
Purchase
750
7
5,250
30
Inventory
280
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sold under FIFO, LIFO, and average cost. (Round average
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FIFO
LIFO
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Ending...
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Date
Explanation
Units
Unit Cost
Total Cost
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Inventory
332
$7
$2,324
12
Purchase
664
8
5,312
23
Purchase
498
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4,482
30
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Assume a sale of 730 units occurred on June 15 for a selling price
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Swifty Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
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Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Inventory
315
$7
$2,205
12
Purchase
735
8
5,880
23
Purchase
1,050
9
9,450
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Inventory
392
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sold under FIFO, LIFO, and average cost. (Round average
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LIFO
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Ending...
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Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
332
$7
$2,324
12
Purchase
664
8
5,312
23
Purchase
498
9
4,482
30
Inventory
166
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Date
Explanation
Units
Unit Cost
Total Cost
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Inventory
500
$5
$2,500
12
Purchase
800
6
4,800
23
Purchase
1,000
7
7,000
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Date
Explanation
Units
Unit Cost
Total Cost
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Inventory
120
$5
$600
12
Purchases
346
6
2,076
23
Purchases
189
7
1,323
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Inventory
229
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Headlands Industries reports the following for the month of June. Date Explanation Units Unit Cost Total...
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June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
132
$5
$ 660
12
Purchases
392
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2,352
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eTextbook and Media
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO,...
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