Eggers Company reports the following for the month ofJune.
Date
Explanation
Units
Unit Cost
Total Cost
June 1 Inventory 228 $9 $ 2,052 12 Purchases 702 11 7,722 23 Purchases 379 13 4,927 30 Inventory 436
Calculate weighted-average unit cost. (Round answersto 3 decimal places, e.g. 5.125.)
Compute the cost of the ending inventory and the cost of goodssold under FIFO, LIFO, and average-cost. (Round answersto 0 decimal places, e.g. 125.)
Eggers Company reports the following for the month ofJune.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
| June 1 | Inventory | 228 | $9 | $ 2,052 | ||||
| 12 | Purchases | 702 | 11 | 7,722 | ||||
| 23 | Purchases | 379 | 13 | 4,927 | ||||
| 30 | Inventory | 436 |
Calculate weighted-average unit cost. (Round answersto 3 decimal places, e.g. 5.125.)
Compute the cost of the ending inventory and the cost of goodssold under FIFO, LIFO, and average-cost. (Round answersto 0 decimal places, e.g. 125.)
Related questions
Martinez Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold.
| Date | Explanation | Units | Unit Cost | Total Cost | ||||
| May 1 | Inventory | 31 | $9 | $279 | ||||
| 15 | Purchase | 25 | 10 | 250 | ||||
| 24 | Purchase | 37 | 11 | 407 | ||||
| Total | 93 | $936 |
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)
Some of the information found on a detail inventory card for Indigo Inc. for the first month of operations is as follows.
| Received | ||||||||
| Date | No. of Units | Unit Cost | Issued, | Balance, | ||||
| January 2 | 1,300 | $4.83 | 1,300 | |||||
| 7 | 800 | 500 | ||||||
| 10 | 700 | 5.15 | 1,200 | |||||
| 13 | 600 | 600 | ||||||
| 18 | 1,100 | 5.31 | 400 | 1,300 | ||||
| 20 | 1,100 | 200 | ||||||
| 23 | 1,400 | 5.47 | 1,600 | |||||
| 26 | 900 | 700 | ||||||
| 28 | 1,700 | 5.64 | 2,400 | |||||
| 31 | 1,400 | 1,000 | ||||||
a. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.)
| (1) | (2) | (3) | ||||
| Ending Inventory |
b. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
| (1) (2) (3) FIFO LIFO Average- cost | ||||||
| Would amount be same | ||||||
| Ending Inventory |
