Exercise 6-7 Eggers Company reports the following for the month of June Date Exp

Question

Exercise 6-7 Eggers Company reports the following for the month of June Date Explanation Inventory Purchases Purchases Inventory Units Unit Cost Total Cost 120 370 200 230 $5 June 1 12 23 30 600 2,220 1,400 Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) Weighted-average unit cost LINK TO TEXT VIDEO: SKILL-BUILDING VIDEO: SIMILAR PROBLEM 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.) IFO FO vera The cost of the ending inventory The cost of goods sold

Explanation / Answer

Units Unit cost Total 1-Jun 120 5 600 12-Jun 370 6 2220 23-Jun 200 7 1400 Total 690 4220 Weighted-average unit cost = $6.116 FIFO Cost of ending inventory 1580 =(200*7)+(30*6) Cost of goods sold 2640 =4220-1580 LIFO Cost of ending inventory 1260 =(120*5)+(110*6) Cost of goods sold 2960 =4220-1260 Average cost Cost of ending inventory 1407 =230*6.116 Cost of goods sold 2813 =4220-1407

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