Question
In: Accounting
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 ending inventory? The highest cost of goods sold? Why?
c. How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?
d. Explain why the average cost is not $6.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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...
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....
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...
Bridgeport Corp. uses a periodic inventory system reports the following for the month of June. Date...
Bridgeport Corp. uses a periodic inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
112
$5
$560
12
Purchases
336
6
2016
23
Purchases
190
7
1330
30
Inventory
200
A sale of 388 units occurred on June 15 for a selling price of
$8 and a sale of 50 units on June 27 for $9.
Calculate the average cost per unit, using a perpetual inventory
system. (Round answers...
Sage Hill Inc. uses a periodic inventory system reports the following for the month of June....
Sage Hill Inc. uses a periodic inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
120
$5
$600
12
Purchases
360
6
2,160
23
Purchases
210
7
1,470
30
Inventory
300
A sale of 340 units occurred on June 15 for a selling price of $9
and a sale of 50 units on June 27 for $10.
(a)
Your Answer
Correct Answer
Partially correct answer iconYour answer is partially...
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...
Concord Company uses a periodic system reports the following for the month of June. Units Unit...
Concord Company uses a periodic system reports the following
for the month of June.
Units
Unit Cost
Total Cost
June 1
Inventory
200
$5
$ 1,000
12
Purchase
450
6
2,700
23
Purchase
320
7
2,240
30
Inventory
120
Compute the cost of the ending inventory and the cost of goods
sold under FIFO and LIFO.
FIFO
LIFO
Cost of the ending inventory
$
$
Cost of goods sold
$
$
LINK TO TEXT
Which costing method gives the higher...
Pina Colada Corp. uses a perpetual inventory system reports the following for the month of June....
Pina Colada 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
230
6
1,380
30
Inventory
265
New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
Calculate the average cost per unit, using a perpetual inventory
system. Assume a sale of 430 units occurred on...
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