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

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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

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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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