Buffalo Industries reports the following for the month of June Unit Cost Total C

Question

Buffalo Industries reports the following for the month of June Unit Cost Total Cost Explanation Inventory Purchases Purchases Inventory Date Units 130 349 219 220 650 2,094 1,533 $5 June 1 12 23 30 6 x Your answer is incorrect. Try again Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Your answer is incorrect. Try again 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

Explanation / Answer

Explanation Units Unit Cost $ 01-Jun 130 5 650 12-Jun 349 6 2094 23-Jun 219 7 1533 Total available for sale 698 4277 COGS 478 a Weighted average unit cost 6.128 (rounded of to 3 decimals) FIFO Ending Inventory 23-Jun 219 7 1533 12-Jun 1 6 6 TOTAL 220 1539 Cost of goods sold 01-Jun 130 5 650 12-Jun 348 6 2088 TOTAL 478 2738 LIFO Ending Inventory 01-Jun 130 5 650 12-Jun 90 6 540 TOTAL 220 1190 Cost of goods sold 23-Jun 219 7 1533 12-Jun 259 6 1554 478 3087 AVERAGE COST Cost of Goods Avail for Sale/Number of Goods Avail for Sale 4277/698 6.128 Ending Inventory 220*6.128 1348 Cost of goods sold 478*6.128 2929 FIFO LIFO Average Cost Ending inventory 1539 1190 1348 COGS 2738 3087 2929

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