Show Attempt History Current Attempt in Progress Pronghorn Corp uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchases Purchases Inventory Units eTextbook and Media 120 Your answer is incorrect. 320 The cost of the ending inventory 200 Weighted-average unit cost $ The cost of goods sold 240 eTextbook and Media - Your answer is partially correct. Unit Cost Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ $5 $ 6 7 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) $600 1,920 FIFO 1,400 6.125 3920 2340 $ LIFO MacBook Air 1320 2600 $ $ Average-cost 1567.92 2352.08

Show Attempt History Current Attempt in Progress Pronghorn Corp uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchases Purchases Inventory Units eTextbook and Media 120 Your answer is incorrect. 320 The cost of the ending inventory 200 Weighted-average unit cost $ The cost of goods sold 240 eTextbook and Media - Your answer is partially correct. Unit Cost Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ $5 $ 6 7 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) $600 1,920 FIFO 1,400 6.125 3920 2340 $ LIFO MacBook Air 1320 2600 $ $ Average-cost 1567.92 2352.08

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Description: Show Attempt HistoryCurrent Attempt in ProgressPronghorn Corp uses a periodic inventory system and reports the following for the month of June.DateJune 1122330ExplanationInventoryPurchasesPurchasesInventoryUnitseTextbook and Media120Your answer is i

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 43P

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LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Alternative Inventory Methods Park Companys perpetual inventory records indicate the following transactions in the month of June: Required: 1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places and other amounts to the nearest dollar.) 2. Next Level Why are the cost of goods sold and ending inventory amounts different for each of the three methods? What do these amounts tell us about the purchase price of inventory during the year? 3. Next Level Which method produces the most realistic amount for net income? For inventory? Explain your answer. 4. Next Level If Park uses IFRS, which of the previous alternatives would be acceptable and why?
( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data for inventory during a recent year: Assume that Harrington uses a periodic inventory accounting system. Required: 1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Which method will produce the most realistic amount for income? For inventory? 3. CONCEPTUAL CONNECTION Which method will produce the lowest amount paid for taxes?
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