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In: Accounting
Flounder Corp. uses a perpetual inventory system reports the following for the month of June. Date...
Flounder Corp. uses a perpetual inventory system reports the following for the month of June.
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
|---|---|---|---|---|---|---|---|---|
|
June 1 |
Inventory |
130 |
$4 |
$520 | ||||
|
12 |
Purchases |
390 |
5 |
1,950 | ||||
|
23 |
Purchases |
220 |
6 |
1,320 | ||||
|
30 |
Inventory |
240 |
Partially correct answer iconYour answer is partially correct.
Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 450 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round answers to 3 decimal places, e.g. 5.125.)
|
June 1 |
$enter a dollar amount | |
|---|---|---|
|
June 12 |
$enter a dollar amount | |
|
June 15 |
$enter a dollar amount | |
|
June 23 |
$enter a dollar amount | |
|
June 27 |
$enter a dollar amount |
eTextbook and Media
Incorrect answer iconYour answer is incorrect.
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 450 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round answers to 0 decimal places, e.g. 125.)
|
FIFO |
LIFO |
Moving-Average |
||||
|---|---|---|---|---|---|---|
|
The cost of the ending inventory |
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
|
The cost of goods sold |
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
Solutions
Expert Solution
(a)
| Jun-01 | $4.000 |
| Jun-12 | $4.750 |
| Jun-15 | $4.750 |
| Jun-23 | $5.698 |
| Jun-27 | $5.698 |
Explanations:-
| Total cost of Units available | Units available | Average cost per unit | |
| Jun-01 | $520 | 130 | $4.000 |
| Jun-12 | $2,470 | 520 | $4.750 |
| Jun-15 | $332.50 | 70 | $4.750 |
| Jun-23 | $1,652.50 | 290 | $5.698 |
| Jun-27 | $1,367.59 | 240 | $5.698 |
(b)
| FIFO | LIFO | Moving Average | |
| The costs of ending inventory | $ 1,420 | $ 1,070 | $1,368.00 |
| The cost of goods sold | $2,370 | $ 2,720 | $2,422.00 |
Explanation :-
| FIFO | Cost of Goods Available for Sale | Cost of Goods Sold-June 15 | Cost of Goods Sold-June 27 | Inventory Balance | ||||||||
| # of units | Cost pu | Cost of Goods Available for Sale | # of units | Cost pu | Cost of Goods Sold | # of units | Cost pu | Cost of Goods Sold | # of units | Cost pu | Ending Inventory | |
| Beginning Inventory | 130 | $4 | $520 | 130 | $4 | $520 | - | - | - | - | ||
| Purchases:- | ||||||||||||
| Jun-12 | 390 | $5 | $1,950 | 320 | $5 | $1,600 | 50 | $5 | $250 | 20 | $5 | $100 |
| Jun-23 | 220 | $6 | $1,320 | - | - | 220 | $6 | $1,320 | ||||
| Total | 740 | $ 3,790 | 450 | $ 2,120 | 50 | $ 250 | 240 | $ 1,420 | ||||
| LIFO | Cost of Goods Available for Sale | Cost of Goods Sold-June 15 | Cost of Goods Sold-June 27 | Inventory Balance | ||||||||
| # of units | Cost pu | Cost of Goods Available for Sale | # of units | Cost pu | Cost of Goods Sold | # of units | Cost pu | Cost of Goods Sold | # of units | Cost pu | Ending Inventory | |
| Beginning Inventory | 130 | $4 | $520 | - | - | 130 | $4 | $520 | ||||
| Purchases:- | ||||||||||||
| Jun-12 | 390 | $5 | $1,950 | 230 | $5 | $1,150 | 50 | $5 | $250 | 110 | $5 | $550 |
| Jun-23 | 220 | $6 | $1,320 | 220 | $6 | $1,320 | ||||||
| Total | 740 | $ 3,790 | 450 | $ 2,470 | 50 | $ 250 | 240 | $ 1,070 | ||||
| Inventory on Hand | Cost of Goods Sold | Inventory Balance | ||||||||||
| # of units | Cost pu | Inventory Value | # of units | Avg cost pu | Cost of Goods Sold | # of units | Cost pu | Ending Inventory | ||||
| Beginning Inventory | 130 | $4 | $520 | 130 | $4 | $520 | ||||||
| Purchase-June 12 | 390 | $5 | $1,950 | 390 | $5 | $1,950 | ||||||
| Subtotal Average cost |
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