HomeworkLib
Question

FIFO and LIFO methods in accounting

Yount Company reports the following for the month of June:

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 200 $5 $1,000
June 12 Purchases 300 6 1,800
June 23 Purchases 500 7 3,500
June 30 Inventory 120

Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

FIFO LIFO
Ending Inventory $ $ ? $ ?
Cost of goods sold $ ? $ ?
business   accounting   
0 0
Add a comment Improve this question
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
FIFO and LIFO methods in accounting
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Yount Company reports the following for the month of June:

    Yount Company reports the following for the month of June:Date Explanation Units Unit Cost Total CostJune 1 Inventory 200 $5 $1,000June 12 Purchases 300 6 1,800June 23 Purchases 500 7 3,500June 30 Inventory 120Incorrect.Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

  • LIFO FIFO AVERAGE COST

    Kiser Company reports the following for the month of June.Date Explanation Units Unit Cost Total CostJune 1 Inventory 125 $5 $625June 12 Purchase 375 6 2,250June 23 Purchase 500 7 3,500June 30 Inventory 200Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average cost. (For average cost, round unit cost to 3 decimalplaces, e.g. 2.575. Round final answers to 0 decimal places, e.g. 5,775.)

  • Company reports the following for the month of June. Compute/ the cost of the ending inventory...

    Company reports the following for the month of June. Compute/ the cost of the ending inventory and /the cost of goods sold under FIFO/ and LIFO. Units 200 400 Unit Cost $3 June 1 Inventory 12 Purchase 23 Purchase 30 Inventory Total Cost $ 600 2,800 3,000 300 100 (a) 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...

  • Current Attempt in Progress Grouper Corp. reports the following for the month of June. Date Explanation Units Unit Cost...

    Current Attempt in Progress Grouper Corp. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost $5 $600 June 1 Inventory 120 12 Purchases 361 6 2,166 Purchases 23 214 7 1,498 30 Inventory 225 (a) Compute the cost of the ending inventory and the cost of goods sold under FI FO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.)...

  • financial accounting-exact number please

    Kiser Company reports the following for the month of June.Date Explanation Units Unit Cost Total CostJune 1 Inventory 165 $7 $1,155June 12 Purchase 495 8 3,960June 23 Purchase 660 9 5,940June 30 Inventory 264Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average cost. (For average cost, round unit cost to 3 decimalplaces, e.g. 2.575. Round final answers to 0 decimal places, e.g. 5,775.)FIFO LIFO Average CostEnding InventoryCost of...

  • Needs to be done on an excel with fifo, lifo, specific identification, weighted average, journal entries,...

    Needs to be done on an excel with fifo, lifo, specific identification, weighted average, journal entries, and cogs plus ending inventory seperated and filled out. 3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...

  • Riverbed Corp uses a periodic inventory system and reports the following for the month of June....

    Riverbed 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 105 $5 $ 525 Purchases 2,250 1,435 23 Purchases Inventory * Your answer is incorrect. Calculate weighted average unit cost. (Round answer to 3 decimal places, s. 5.125.) Weighted average unit cost $ 2565 e Textbook and Media x Your answer is incorrect. Compute the cost of the ending inventory and the cost of...

  • Carla Vista Co. uses a periodic inventory system and reports the following for the month of...

    Carla Vista Co. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost $5 $625 June 1 Inventory 125 12 Purchases 380 6 2,280 Purchases 23 220 1,540 30 Inventory 250 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Weighted-average unit cost 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to...

  • Can someone help me? Pearl Industries reports the following for the month of June. Date Explanation...

    Can someone help me? Pearl Industries reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory $5 6 110 362 207 $550 2,172 12 Purchases 23 Purchases 1,449 30 Inventory 240 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round answers to 0...

  • Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of...

    Teal Mountain 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 130 $650 12 Purchases 370 2,220 Purchases 200 7 1,400 Inventory 240 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
Earn Money sponsor

Contribute Homework Answers
($1+ Per Post)

ADVERTISEMENT
ADVERTISEMENT