Eggers Company reports the following for the month of June Date Explanation Inve

Question

Eggers Company reports the following for the month of June Date Explanation Inventory Purchases Purchases Inventory Units Unit Cost Total Cost une 1 12 23 30 197 608 329 378 $8 10 12 $1,576 6,080 3,948 Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) Weighted-average unit cost 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 verage-cos The cost of the ending inventory The cost of goods sold

Explanation / Answer

(a) Weghted average cost = (1576+6080+3948)/(197+608+329) = $10.233

(b) Cost of Ending Inventory

Total Units Sold = 1134-378 = 756

FIFO = (49*10) + (329*12) = $4,438

LIFO = (197*8)+(181*10) = $3,386

Weighted Average = 378*$10.233 = $3868

(c) Cost of Goods Sold

FIFO = (197*8) + (559*10) = $7,166

LIFO = (329*12) + (427*10) = $8,218

Weighted Average = (756*10.233) = $7,736

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