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 2 years agoRelated Solutions
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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
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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
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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...
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
525
6
3,150
23
Purchase
750
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5,250
30
Inventory
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Instructions
(a) Calculate the
cost of the ending inventory and the cost of goods sold for each
cost flow assumption [LIFO,FIFO], using a perpetual inventory
system. Assume a sale of 570 units occurred on June 15 for a
selling price of...
Johnson Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Johnson 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
525
6
3,150
23
Purchase
750
7
5,250
30
Inventory
280
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO, and average cost. (Round average
cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0
decimal places, e.g. 2,520.)
FIFO
LIFO
AVERAGE COST
Ending...
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Kaleta Company reports the following for the month of
June.
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
Assume a sale of 730 units occurred on June 15 for a selling price
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Calculate cost of goods available for
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The cost of goods available for sale
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Calculate Moving-Average...
Swifty Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Swifty Company reports the following for the month of June.
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
30
Inventory
392
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO, and average cost. (Round average
cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0
decimal places, e.g. 2,520.)
FIFO
LIFO
AVERAGE COST
Ending...
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Kaleta Company reports the following for the month of June.
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
Assume a sale of 730 units occurred on June 15 for a selling price
of $10 and a sale of 598 units on June 27 for $11.
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The cost of goods available for sale
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Jennifer Company 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
500
$5
$2,500
12
Purchase
800
6
4,800
23
Purchase
1,000
7
7,000
Calculate the cost of the ending inventory and the cost of goods
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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
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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
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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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