Problem 6-3A (Part Level Submission) Pina Colada Corp. had a beginning inventory

Question

Problem 6-3A (Part Level Submission) Pina Colada Corp. had a beginning inventory on January 1 of 285 units of Product 4-18-15 at a cost of $19 per unit. During the year, the following purchases were made. Mar. 15 760 units at $22 Sept. 4 665 units at $25 July 20 475 units at $23 Dec. 2 190 units at $28 1,900 units were sold. Pina Colada Corp. uses a periodic inventory system. (a) Your answer is correct Determine the cost of goods available for sale The cost of goods available for sale Click if you would like to Show Work for this question: 55005 Open Show Work LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 1 of 2 (b1) Your answer is correct. Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.23.) Average cost per unit Click if you would like to Show Work for this question: Open Show Work 23.16

Explanation / Answer

(a)

You can directly use excel formula sumproduct(cost_column,units_column)

(b)

Total units = 2375

Total cost = 55005

cost per unit = 55005/2375 = 23.16

(c)

FIFO

Ending inventory - $12445

Cost of goods sold - $42560

LIFO

Ending inventory - $9595

Cost of goods sold - $45410

Avg. cost

Ending inventory - (total bottles - 1900)*23.16 = $11001

good sold cost = 1900*23.16 = $44004

date units price cost Jan-01 285 19 5415 Mar-15 760 22 16720 Jul-20 475 23 10925 Sep-04 665 25 16625 Dec-02 190 28 5320 total cost 55005

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