Exercise 6-1 columbia bank and trust is considering giving gallup

Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott’s purchases of Xpert snowboards during September. During the same month, 101 Xpert snowboards were sold. Delmott uses a periodic inventory system.

Date

 

Explanation

 

Units

 

Unit Cost

 

Total Cost

Sept. 1   Inventory  

14

 

$117

 

$ 1,638

Sept. 12   Purchases  

43

 

120

 

5,160

Sept. 19   Purchases  

51

 

122

 

6,222

Sept. 26   Purchases  

21

 

123

 

2,583

    Totals  

129

     

$15,603

(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

The ending inventory at September 30 using the FIFO   $[removed]
The ending inventory at September 30 using the LIFO   $[removed]
The ending inventory at September 30 using the average-cost   $[removed]

(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

   

FIFO

 

LIFO

 

AVERAGE-COST

Cost of goods sold   $[removed]   $[removed]   $[removed]

 

 

 

 

 

Exercise 6-7

Eggers Company reports the following for the month of June.

Date

 

Explanation

 

Units

 

Unit Cost

 

Total Cost

June 1   Inventory   179   $7   $ 1,253
12   Purchases   552   9   4,968
23   Purchases   298   10   2,980
30   Inventory   343        

 

Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)

Weighted-average unit cost   $[removed]

 

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.)

 

 

 

 

Problem 6-5A

You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.

Date

 

Description

 

Units

 

Unit Cost or Selling Price

Oct. 1   Beginning inventory   74   $29
Oct. 9   Purchase   147   32
Oct. 11   Sale   123   43
Oct. 17   Purchase   123   33
Oct. 22   Sale   74   49
Oct. 25   Purchase   86   36
Oct. 29   Sale   135   49

 

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average cost per unit  
$[removed]

 

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)

 

Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%)

   

LIFO

 

FIFO

 

AVERAGE-COST

Gross profit rate   [removed]  %   [removed]  %   [removed]  %

 

 

 

 

Problem 6-9A

Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

   

Purchases

   

Date

 

Units

 

Unit Cost

 

Sales Units

July 1   10   $89    
July 6           7
July 11   4   $94    
July 14           4
July 21   6   $102    
July 27           4

 

Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)

July 1

  $[removed]

July 6

  $[removed]

July 11

  $[removed]

July 14

  $[removed]

July 21

  $[removed]

July 27

  $[removed]

 

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)

   

FIFO

 

MOVING-AVERAGE

 

LIFO

The ending inventory under a perpetual inventory system   $[removed]   $[removed]   $[removed]

 

 

 

 

 

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