Question
In: Accounting
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 using the FIFO, LIFO
and average-cost methods. (Round answers to 0 decimal
places, e.g. 125.)
|
FIFO |
LIFO |
AVERAGE-COST |
||||
|---|---|---|---|---|---|---|
|
The ending inventory at May 31 |
$Enter a dollar amount | $Enter a dollar amount | $Enter a dollar amount |
Solutions
ekkarill92 answered 2 years agoRelated 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:
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 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:DateExplanationUnitsUnit CostTotal CostBalance in
UnitsAug.2Purchases251$72$18,0722513Purchases49810351,29474910Sales(300)44915Purchases902118106,4361,35125Sales(332)1,019Calculate the cost of goods sold and ending inventory using the
FIFO cost method.Cost of goods sold$enter a dollar amountEnding 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 amountEnding...
Crane Company uses a periodic inventory system and its accounting records include the following inventory information...
Crane Company uses a periodic inventory system and its
accounting records include the following inventory information for
the month of July:
Units
Unit Cost
Total Cost
July 1
Inventory on hand
150
$6.00
$900.00
12
Purchase
230
7.00
1,610.00
20
Sale
(250)
0
28
Purchase
490
9.00
4,410.00
A physical inventory count determined that 620 units were on hand
at July 31.
(a)
Calculate the ending inventory and the cost of goods sold under (1)
FIFO and (2) weighted average....
Bailey Company uses a periodic inventory system and its inventory records contain the following information: Units...
Bailey Company uses a periodic inventory system and its
inventory records contain the following information:
Units
Total
Cost
Beginning Inventory:
300
$780
Purchased on May 10
400
1,170
Purchased on June 15
500
1,260
Purchased on August 28
300
990
1,500
$4,200
The company sold 1,000 units during June. There were no additional
purchases or sales during the remainder of the year. The company
had 500 units were in its ending inventory at the end of the
year....
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...
Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31,...
Simple Plan Enterprises uses a periodic inventory system. Its
records showed the following:
Inventory, December 31, using FIFO → 36 Units @ $15 = $540
Inventory, December 31, using LIFO → 36 Units @ $11 = $396
Transactions in the Following Year
Units
Unit Cost
Total Cost
Purchase, January 9
48
16
$
768
Purchase, January 20
98
17
1,666
Sale, January 11 (at $39 per unit)
78
Sale, January 27 (at $40 per unit)
54
Required:
Compute the number...
Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31,...
Simple Plan Enterprises uses a periodic inventory system. Its
records showed the following:
Inventory, December 31, using FIFO → 58 Units @ $24 = $1,392
Inventory, December 31, using LIFO → 58 Units @ $20 = $1,160
Transactions in the Following Year
Units
Unit Cost
Total Cost
Purchase, January 9
70
25
$
1,750
Purchase, January 20
120
26
3,120
Sale, January 11 (at $48 per unit)
100
Sale, January 27 (at $49 per unit)
76
Required:
Compute the number...
Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31,...
Simple Plan
Enterprises uses a periodic inventory system. Its records showed
the following:
Inventory, December 31, using FIFO → 50 Units @ $20 = $1,000
Inventory, December 31, using LIFO → 50 Units @ $16 = $800
Transactions in
the Following Year
Units
Unit Cost
Total Cost
Purchase,
January 9
62
21
$
1,302
Purchase,
January 20
112
22
2,464
Sale, January 11
(at $44 per unit)
92
Sale, January 27
(at $45 per unit)
68
Required:
Compute the number...
Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31,...
Simple Plan Enterprises uses a periodic inventory system. Its
records showed the following:
Inventory, December 31, using
FIFO ? 38 Units @ $14 = $532
Inventory, December 31, using
LIFO ? 38 Units @ $10 = $380
Transactions in the
Following Year
Units
Unit Cost
Total Cost
Purchase, January
9
50
$
15
750
Purchase, January
20
100
16
1,600
Sale, January 11 (at
$38 per unit)
80
Sale, January 27 (at
$39 per unit)
56
1.
Compute the...
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