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CCCs Login ACC121 M3C6HOMEWWileyPLus ? Secure l https://edugen.wileyplus.cornedugen/lti/nain.uni NMENT RCES Problem 6-5A provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory OMEWO ice tion 15 Unit Cost or Selling Date Description Quantity Price June 1 Beginning June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase inventory 43 $38 ice 138 43 112 71 15 71 57 45 8 45 65 76 26 49 tion 33 tice cise 6-1 ise 6-11 w Results dy tive E! Your answer ?s incorrect. Try again. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit LINK TO TEXT

Explanation / Answer

Weighteg avg cost=(total cost/total units)
=((43*38)+(138*43)+(57*45)-(8*45)+(26*49))/(43+138+57-8+26)
=43.15
LIFO:
no of units sold=112-15+65=162
units sold= Beg inv+purchases-ending incentory
cost of goods sold=(26*49)+((57-8)*45)+(87*43)=7220
Ending inventory=(51*43)+(43*38)=3827
Gross profit=sales-cogs
sales=(112*71)+(-15*71)+(65*76)=11827
Gross profit=11827-7220=4607
FIFO:
cost of goods sold=(43*38)+(119*43)=6751
Ending inventory=(19*43)+(57*45)+(-8*45)+(26*49)=4296
Gross profit=11827-6751=5076
average cost:
cost of goods sold=43.15*162=6990
Sales=11827
Gross profit=11827-6990=4837
Gross profit rate=(Gross profit/sales)*100
LIFO:(4607/11827)*100=38.95
FIFO:(5076/11827)*100=42.92
Average cost:(4837/11827)*100=40.90

LIFO,lower ,FIFO,higher

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