Question
In: Accounting
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. 5.125.)
|
June 1 |
$ | |
|
June 12 |
$ | |
|
June 15 |
$ | |
|
June 23 |
$ | |
|
June 27 |
$ |
eTextbook and Media
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 375 units occurred on June 15 for a selling price of $8 and a sale of 51 units on June 27 for $9. (Round answers to 0 decimal places, e.g. 125.)
|
FIFO |
LIFO |
Moving-Average |
||||
| The cost of the ending inventory | $ | $ | $ | |||
| The cost of goods sold | $ | $ | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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....
ronghorn Corp reports the following for the month of June. Date Explanation Units Unit Cost Total...
ronghorn 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....
ronghorn Corp reports the following for the month of June. Date Explanation Units Unit Cost Total...
ronghorn 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....
Martinez Corp. reports the following for the month of June. Date Explanation Units Unit Cost Total...
Martinez Corp. reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
129
$5
$ 645
12
Purchases
339
6
2,034
23
Purchases
187
7
1,309
30
Inventory
236
Calculate weighted-average unit cost. (Round answer
to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$enter weighted-average unit cost
in dollars rounded to 3 decimal places
eTextbook and Media
Compute the cost of the ending inventory and the cost of goods
sold under...
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...
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,...
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
7
5,250
30
Inventory
330
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...
Kingbird, Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total...
Kingbird, Inc. reports the following for the month of
June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
400
$6
$2,400
12
Purchase
800
7
5,600
23
Purchase
600
8
4,800
30
Inventory
200
Assume a sale of 880 units occurred on June 15 for a selling price
of $9 and a sale of 720 units on June 27 for $10.
Calculate the cost of the ending inventory and the cost of goods
sold for each cost flow...
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