Calculate cost of the ending inventory and the cost of goods sold for each cost

Question

Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 640 units occurred on June 15 for a selling price of $12 and a sale of 78 units on June 27 for $14. (Round answers to 0 decimal places, e.g. 125.)

Eggers Company reports the following for the month of June Explanation Inventory Purchases Purchases Inventory Units 187 578 312 359 Unit Cost Total Cost Date June 1 June 12 June 23 June 30 $ 1,496 5,202 3,432 $8 A sale of 640 units occurred on June 15 for a selling price of $12 and a sale of 78 units on June 27 for $14 (a) Your answer is partially correct. Try again Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) June 1 June 12 June 15 June 23 June 27 $8.000 $8.756

Explanation / Answer

Ans a Moving Average Date Transaction Op Units Cost $/Unit Total Op Inv Cost Purchase Units Purcahase cost/unit Total Purchase cost Total Inventory units Total Inventory value Sales unit Cost/unit of sales Sales cost Ending Inventory Unit Ending Inventory value Moving average cost/unit Sales revenue Jun 1. Op 187 8 1496 0 187 1496 187         1,496.00 8.000 Jun 12. Purchase 187 1496 578 9 5202 765 6698 765         6,698.00 8.756 Jun 15. sale 765 6698 0 765 6698 640 8.756 5603.84 125         1,094.16 8.756 7680 Jun 23. Purchase 125 1094.16 312 11 3432 437 4526.16 0 437         4,526.16 10.357 Jun27. Sale 437 4526.16 0 437 4526.16 78 10.357 807.873 359         3,718.29 10.357 10.92 Jun 30. 359 3718.287 0 359 3718.287 0 359         3,718.29 10.357 Total         8,634 6411.713 0 7690.92 FIFO Date Transaction Op Units Cost $/Unit Total Op Inv Cost Purchase Units Purcahase cost/unit Total Purchase cost Total Inventory units Total Inventory value Sales unit Cost/unit of sales Sales cost Ending Inventory Unit Ending Inventory value Moving average cost/unit Sales revenue Jun 1. Op 187 8 1496 0 187 1496 187         1,496.00 8.000 Jun 12. Purchase 187 1496 578 9 5202 765 6698 765         6,698.00 8.756 Jun 15. sale 765 6698 0 765 6698 640 =187*8+453*9 5573 125         1,125.00 8.756 7680 Jun 23. Purchase 125 1125 312 11 3432 437 4557 0 437         4,557.00 10.428 Jun27. Sale 437 4557 0 437 4557 78 9.000 702 359         3,855.00 10.428 10.92 Jun 30. 359 3855 0 359 3855 0 359         3,855.00 10.738 Total         8,634 6275 0 7690.92 LIFO Date Transaction Op Units Cost $/Unit Total Op Inv Cost Purchase Units Purcahase cost/unit Total Purchase cost Total Inventory units Total Inventory value Sales unit Cost/unit of sales Sales cost Ending Inventory Unit Ending Inventory value Moving average cost/unit Sales revenue Jun 1. Op 187 8 1496 0 187 1496 187         1,496.00 8.000 Jun 12. Purchase 187 1496 578 9 5202 765 6698 765         6,698.00 8.756 Jun 15. sale 765 6698 0 765 6698 640 =312*11+328*9 6384 125            314.00 8.756 7680 Jun 23. Purchase 125 314 312 11 3432 437 3746 0 437         3,746.00 8.572 Jun27. Sale 437 3746 0 437 3746 78 9.000 702 359         3,044.00 8.572 10.92 Jun 30. 359 3044 0 359 3044 0 359         3,044.00 8.479 Total         8,634 7086 0 7690.92 Ans a Date Moving average cost/unit Jun 1.         8.000 Jun 12.         8.756 Jun 15.         8.756 Jun 23.      10.357 Jun27.      10.357 FIFO LIFO Moving Avg Cost Of Ending inventory 3855 3044 3718 Cost of Goods sold 6275 7086 6412

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.