Exercise 6-7 Ivanhoe Company reports the following for the month of June. Calcul

Question

Exercise 6-7

Ivanhoe Company reports the following for the month of June.

Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

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.)

Exercise 6-7

Ivanhoe Company reports the following for the month of June.

Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

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.)

Explanation / Answer

a) Weighted average cost per unit = 4349/714 = 6.091 per unit

b) Calculate following :

FIFO LIFO Average cost The cost of ending inventory (188*7+31*6) = 1502 (123*5+96*6) = 1191 (4349/714*219) = 1334 The cost of goods sold (4349-1502) = 2847 (4349-1191) = 3158 (4349/714*495) = 3015

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