Question
In: Accounting
Grouper Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
Grouper Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
| Date | Explanation | Units | Unit Cost | Total Cost | Balance in Units | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug. | 2 | Purchases | 251 | $72 | $18,072 | 251 | ||||||
| 3 | Purchases | 498 | 103 | 51,294 | 749 | |||||||
| 10 | Sales | (300 | ) | 449 | ||||||||
| 15 | Purchases | 902 | 118 | 106,436 | 1,351 | |||||||
| 25 | Sales | (332 | ) | 1,019 |
Calculate the cost of goods sold and ending inventory using the FIFO cost method.
| Cost of goods sold | $enter a dollar amount |
|---|---|
| Ending inventory | $enter a dollar amount |
Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25.)
| Cost of goods sold | $enter a dollar amount |
|---|---|
| Ending inventory |
Solutions
Expert Solution
FIFO:
Cost of Goods Sold = $57,315
Ending Inventory = $118,487
Average Cost:
Cost of Goods Sold = $64,157
Ending Inventory = $111,645
ekkarill92 answered 3 years agoRelated Solutions
Concord Limited uses a perpetual inventory system. The inventory records show the following data for its...
Concord Limited uses a perpetual inventory system. The inventory
records show the following data for its first month of
operations:
Date
Explanation
Units
Unit Cost
Total Cost
Balance in
Units
Aug.
2
Purchases
237
$73
$17,301
237
3
Purchases
475
97
46,075
712
10
Sales
(300
)
412
15
Purchases
894
122
109,068
1,306
25
Sales
(330
)
976
Calculate the cost of goods sold and ending inventory using the
FIFO cost method.
Cost of goods sold
$enter a dollar...
Buffalo Industries uses a periodic inventory system. Its records show the following for the month of...
Buffalo Industries uses a periodic inventory system. Its records
show the following for the month of May, in which 68 units were
sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
35
$9
$315
15
Purchase
25
10
250
24
Purchase
40
11
440
Total
100
$1,005
(a)
Calculate the weighted-average unit cost. (Round
answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$Enter the Weighted-average unit cost in dollars
Calculate the ending inventory at May 31...
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:
CKL Limited Inc. uses a perpetual inventory system. During the month of April 2020, the following...
CKL Limited Inc. uses a perpetual inventory system. During the
month of April 2020, the following transactions occurred.
On April 2, CKL purchased $300 of office supplies on account,
terms net 30 days.
On April 5, CKL sold $3,500 of merchandise to Wong Enterprises
on credit terms
of 2/15 net 30 days. The of the inventory was $1,750.
On April 7, CKL Limited purchased $4,900 of inventory from
VanCity
Wholesalers on terms of 1/15 net 30, FOB destination.
On April...
CKL Limited Inc. uses a perpetual inventory system. During the month of April 2020, the following...
CKL Limited Inc. uses a perpetual inventory system.
During the month of April 2020, the following transactions
occurred.
On April 2, CKL purchased $300 of office supplies on account,
terms net 30 days.
On April 5, CKL sold $3,500 of merchandise to Wong Enterprises
on credit terms of 2/15 net 30 days. The of the inventory was
$1,750.
On April 7, CKL Limited purchased $4,900 of inventory from
VanCity Wholesalers on terms of 1/15 net 30, FOB destination.
On April...
ses a periodic inventory system. Its records show the following for the month of May, in...
ses a periodic inventory system. Its records show the following
for the month of May, in which 166 units were sold.
Units
Unit Cost
Total Cost
May 1
Inventory
73
$9
$657
15
Purchases
61
12
732
24
Purchases
85
13
1,105
Totals
219
$2,494
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
Cost of goods sold FIFo LIFO
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...
A company that uses the PERPETUAL inventory system has the following records for 2017 Beginging inventory...
A company that uses the PERPETUAL inventory system has the
following records for 2017
Beginging
inventory
Units
Unit cost
Purcahses:
120
$48
Febuary 8th
60
52
June 15th
70
54
22-Aug
55
57
Novemeber 29
45
61
Salkes:
30-Mar
145
20-Jul
90
December 15th
60
Please compute the cost of ending inventory and the cost of
goods sold using the follow methods: Please also show all
steps/work
A) FIFO
B) Weighted Average
c) LIFO
Question 6 Jackpot Limited uses a perpetual inventory system. Inventory data for the year ended December...
Question 6
Jackpot Limited uses a perpetual inventory system. Inventory
data for the year ended December 31, 2019, are as follows:
Beginning inventory 35 units at $130 each
February 28 purchase 25 units at $145 each
1st quarter sales 40 units
July 31 purchase 45 units at $115 each
2nd quarter sales 55 units
October 31 purchase 60 units at $125 each
Required
Determine the amounts to report for Cost of Goods Sold and
Ending inventory using FIFO and the...
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month...
Klump Co. uses a perpetual inventory system and had the
following inventory transactions for the month of March.
Beginning Inventory - 150 units at $81
March 7 Sold 70 units
March 11 Purchase 200 units at $85
March 12 Sold 220 units
If the company uses the FIFO inventory costing method, the
amount of ending inventory reported on the balance sheet is:
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