The Average cost per unit has been answered. The answer is 5.9341, Please answer the FIFO AND LIFO QUESTION.
Homework Answers
Correct Answer:
|
FIFO |
LIFO |
|
|
Ending Inventory |
$ 3,974.0 |
$ 3,776 |
Working:
|
FIFO |
||||||
|
A |
Total Units Available for sale |
2640 |
$ 15,666 |
|||
|
Units Sold |
2010 |
|||||
|
Ending Inventory Units |
630 |
|||||
|
Valuation |
||||||
|
Cost of Goods Sold |
240 |
$ 5.50 |
$ 1,320.00 |
|||
|
540 |
$ 5.60 |
$ 3,024 |
||||
|
440 |
$ 5.80 |
$ 2,552.00 |
||||
|
340 |
$ 5.90 |
$ 2,006.00 |
||||
|
450 |
$ 6.20 |
$ 2,790.00 |
||||
|
B |
Cost of Goods Sold |
2010 |
units |
$ 11,692 |
||
|
A-B |
Ending Inventory |
630 |
units |
$ 3,974.0 |
||
|
LIFO |
||||||
|
A |
Total Units Available for sale |
2640 |
$ 15,666 |
|||
|
Units Sold |
2010 |
|||||
|
Ending Inventory Units |
630 |
|||||
|
Valuation |
||||||
|
Cost of Goods Sold |
440 |
$ 5.60 |
2,464.00 |
|||
|
340 |
$ 5.80 |
1,972.00 |
||||
|
740 |
$ 6.20 |
4,588.00 |
||||
|
340.00 |
$ 5.90 |
2,006.00 |
||||
|
100.00 |
$ 5.80 |
580.00 |
||||
|
50.00 |
$ 5.60 |
280.00 |
||||
|
B |
Cost of Goods Sold |
2010 |
units |
$ 11,890.00 |
||
|
A-B |
Ending Inventory |
630 |
units |
$ 3,776.00 |
||
End of answer.
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Add Answer to:
The Average cost per
unit has been answered. The answer is 5.9341, Please answer the
FIFO...
Concord Company’s record of transactions concerning part X for the month of April was as follows....
Concord Company’s record of transactions
concerning part X for the month of April was as follows.
Purchases Sales
April 1 balance on hand) 240 @ $5.50 April 5
440
4 540 @ 5.60 12 340
11 440 @ 5.80 27 1,080
18 340 @ 5.90 28 150
26 740 @ 6.20
30 340 @ 6.40
Calculate average-cost per unit. Assume that perpetual inventory
records are kept in units only.
(Round...
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Problem 8-4
Headland Company’s record of transactions concerning part X for the
month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
350
@
$6.60
April 5
550
4
650
@
6.73
12
450
11
550
@
7.00
27
1,300
18
450
@
7.06
28
150
26
850
@
7.39
30
450
@
7.66
Calculate average-cost per unit. Assume that perpetual
inventory records are kept in units only. (Round answer
to 2 decimal places, e.g. 2.76.)
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Exercise 8-11
Kingbird Company’s record of transactions for the month of April
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Purchases
Sales
April 1
(balance on hand)
1,500
@
$6.00
April 3
1,250
@
$10.00
4
3,750
@
6.08
9
3,500
@
10.00
8
2,000
@
6.40
11
1,500
@
11.00
13
3,000
@
6.50
23
3,000
@
11.00
21
1,750
@
6.60
27
2,250
@
12.00
29
1,250
@
6.79
11,500
13,250
Assuming that periodic inventory records are kept in units only,, calculate the...
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Concord Company’s record of transactions
concerning part X for the month of April was as follows.
Purchases Sales
April 1 balance on hand) 240 @ $5.50 April 5
440
4 540 @ 5.60 12 340
11 440 @ 5.80 27 1,080
18 340 @ 5.90 28 150
26 740 @ 6.20
30 340 @ 6.40
Calculate average-cost per unit. Assume that perpetual inventory
records are kept in units only.
(Round...
Problem 8-04 Sunland Company's record of transactions concerning part X for the month of April was as follows. Purchases 1 (balance on hand) April April 320 @ $6.30 620 @ 6.40 520 @ 6.70 420 @ 6.70 820 @ 7.10 420 7.30 Sales 5 520 12 420 27 1,240 29 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per units LINK TO TEXT Compute...
Problem 8-4
Headland Company’s record of transactions concerning part X for the
month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
350
@
$6.60
April 5
550
4
650
@
6.73
12
450
11
550
@
7.00
27
1,300
18
450
@
7.06
28
150
26
850
@
7.39
30
450
@
7.66
Calculate average-cost per unit. Assume that perpetual
inventory records are kept in units only. (Round answer
to 2 decimal places, e.g. 2.76.)
Average-cost...
Exercise 8-11
Kingbird Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,500
@
$6.00
April 3
1,250
@
$10.00
4
3,750
@
6.08
9
3,500
@
10.00
8
2,000
@
6.40
11
1,500
@
11.00
13
3,000
@
6.50
23
3,000
@
11.00
21
1,750
@
6.60
27
2,250
@
12.00
29
1,250
@
6.79
11,500
13,250
Assuming that periodic inventory records are kept in units only,, calculate the...
Bonita Company’s record of transactions for the month of April
was as follows.
Bonita Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 780 @ $6.00 1,950 @ 6.08 1,040 @ 6.40 1,560 @ 6.50 910 @ 6.60 650 @ 6.79 6,890 Sales April 3 650 @ $10.00 9 1,820 @ 10.00 11 780 @ 11.00 23 1,560 @ 11.00 27 1,170 @ 12.00 5,980 Assuming that periodic inventory records are...
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Problem 8-06 Concord Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Quantity Price/Cost 1,500 $14 2,500 3,000 3,500 2,700 Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 22.4 LINK TO TEXT Your answer is incorrect. Try again. Compute cost of goods sold, assuming Concord uses: (Round average cost...
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 12 Purchases 2,310 23 Purchases 1,358 30 Inventory 240 $ 580 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round to 3 decimal places, e.g. 5.275. Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold Click...
Some of the information found on a detail inventory card for Oriole Inc. for the first month of operations is as follows. Date January 2 5.06 Received Issued, Balance, No. of Units Unit Cost No. of Units No. of Units 1,700 $4.74 1,700 1.200 500 1,100 1,600 1,000 600 1,500 5.21 800 1,300 1,100 1,800 5.37 2.000 1,300 700 2,100 5.53 2.800 1,800 1,000 200 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per...
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