Exercise 6-7 Cheyenne Corp. reports the following for the month of June. Date Ex
ID: 2526924 • Letter: E
Question
Exercise 6-7 Cheyenne Corp. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 $5 $ 615 12 Purchases 351 6 2,106 23 Purchases 194 7 1,358 30 Inventory 207 Calculate weighted-average unit cost. (Round answer 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 Average-cost The cost of the ending inventory $ $ $ The cost of goods sold $ $ $ Click if you would like to Show Work for this question: Open Show Work
Explanation / Answer
Schedule :
Weighted average unit cost = 4079/668 = 6.106 per unit
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost
Unit Cost Inventory 123 615 Purchase 12 351 2106 Purchase 23 194 1358 Total 668 4079Related Questions
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