Exercise 6-7 Cullumber Company reports the following for the month of June. Calc
ID: 2539896 • Letter: E
Question
Exercise 6-7
Cullumber Company reports the following for the month of June. Calculate the weighted-average unit cost, Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.
Weighted-Average unit cost: (Round answer to 3 decimal places, e.g. 5.125.)
The cost of the ending inventory FIFO, LIFO, Average Cost(Round answers to 0 decimal places, e.g. 125.)
The cost of goods sold FIFO, LIFO, Average Cost(Round answers to 0 decimal places, e.g. 125.)
Here is the chart to answer question:
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
12
Purchases
23
Purchases
30
Inventory
Exercise 6-7
Cullumber Company reports the following for the month of June. Calculate the weighted-average unit cost, Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.
Weighted-Average unit cost: (Round answer to 3 decimal places, e.g. 5.125.)
The cost of the ending inventory FIFO, LIFO, Average Cost(Round answers to 0 decimal places, e.g. 125.)
The cost of goods sold FIFO, LIFO, Average Cost(Round answers to 0 decimal places, e.g. 125.)
Here is the chart to answer question:
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
130 $5 $ 65012
Purchases
388 6 2,32823
Purchases
215 7 1,50530
Inventory
230Explanation / Answer
Answer:-a)-
b)-
c)-
FIFO Method Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance Jun-01 130 5 650 Jun-12 388 6 130 5 650 388 6 2328 Jun-23 215 7 130 5 650 388 6 2328 215 7 1505 Jun-30 130 5 650 15 6 90 373 6 2238 215 7 1505 Totals 503 2888Related Questions
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