Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of...

Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2018:

Date	Transactions	Units	Cost per Unit	Total Cost
June 1	Beginning inventory	17	$240	$ 4,080
June 7	Sale	12
June 12	Purchase	13	230	2,990
June 15	Sale	11
June 24	Purchase	14	220	3,080
June 27	Sale	15
June 29	Purchase	8	210	1,680

				$11,830

Required:

1. Calculate ending inventory and cost of goods sold at June 30, 2018, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory and eight from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and fourteen units from the June 24 purchase.

2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2018.

3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2018.

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2018. (Do not round your intermediate calculations. Round your answers to the nearest dollar amount.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

SAP Co. uses a periodic inventory system. It records show the following for the month of...

SAP Co. uses a periodic inventory system. It records show the following for the month of February: Date Units UnitPrice Total Cost 2/1 40 $20.00 $800 2/15 Purchases 130 22.00 2,860 2/24 Purchases 110 23.50 2,585 Totals 280 $6,245 2/20 Sales 100 47.00 2/27 Sales 130 47.00 Given the information above, please calculate COGS,Ending Inventory, and Gross Profit under each of the following methods. (Please explain) 1) FIFO: 2) LIFO: 3) Average Cost:

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...

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...

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....

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...

Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...

Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Blue Spruce Ltd. for $26,000, terms 1/10, n/30, FOB shipping point. 6 The appropriate company paid freight costs of $770 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,050. 8 Returned damaged merchandise to Blue Spruce and was given a purchase allowance of $3,700. The merchandise was repaired by Blue Spruce and returned to...

Flint Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...

Flint Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Pina Colada Ltd. for $27,200, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $710 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,940. 8 Returned damaged merchandise to Pina Colada received a credit of $3,200. The merchandise was returned to inventory for future resale. 30 Paid the amount due...

Subjects