Presented below is information related to Blowfish radios for the Bridgeport Com

Question

Presented below is information related to Blowfish radios for the Bridgeport Company for the month of July Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance $4.50 630 4.60 140 6 Purchase 1,120 S,152 $7.00 2,940 3,066 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale 420 420 7.30 560 4.90 2,744 280 7.40 2,072 420 5.00 2,100 560 7.40 4,144 700 4.98 3,486 280 7.50 2,100 Totals 2,940 $14,112 960 $14,322 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted-average cost LINK TO TEXT Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average FIFO LIFO Weighted-Average Ending Inventory at July 31 s

Explanation / Answer

1 Weighted average cost=14112/2940= $4.8 2 Ending inventory at July 31 FIFO 4886 =(700*4.98)+(280*5) LIFO 4494 =(140*4.5)+(840*4.6) Weighted average 4704 =980*4.8 3 LIFO will yield lowest gross profit 3 LIFO will yield the lowest ending inventory

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