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Flounder 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   100   $5   $ 500 12   Purchases   385   6   2,310 23   Purchases   200   7   1,400 30   Inventory   230             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      Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   Average-cost The cost of the ending inventory   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount  The cost of goods sold   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount

Flounder 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   100   $5   $ 500 12   Purchases   385   6   2,310 23   Purchases   200   7   1,400 30   Inventory   230             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      Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   Average-cost The cost of the ending inventory   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount  The cost of goods sold   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Flounder 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
  
100
  
$5
   $ 500
12
  
Purchases
  
385
  
6
   2,310
23
  
Purchases
  
200
  
7
   1,400
30
  
Inventory
   230        
 
 
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 

 

 

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)

   
FIFO
  
LIFO
  
Average-cost
The cost of the ending inventory
   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount 
The cost of goods sold
   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount 

 

 

 

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