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In: Accounting
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 cost of the ending inventory $ (b) the cost of sales $ Using LIFO, calculate: (c) the cost of the ending inventory $ (d) the cost of sales $ Using MOVING-AVERAGE COST, calculate: (round your answer to the nearest dollar)* (e) the cost of the ending inventory $ (f) the cost of sales $ * In your computation, round average per unit cost to the nearest tenth of a cent (three digits after the decimal)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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...
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...
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.
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.
Calculate cost of goods available for
sale.
The cost of goods available for sale
$12,118
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.
Calculate cost of goods available for sale.
The cost of goods available for sale
$12,118
Calculate Moving-Average...
Jennifer Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Jennifer Company reports the following for the month of
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
sold for each cost flow assumption, using a perpetual inventory
system. Assume a sale of 870 units occurred on June 15 for a
selling price of $8 and a sale of 900 units on June...
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....
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,...
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