? Larkspur, Inc. uses the periodic inventory system and reports the following for the month of June.
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Larkspur, Inc. uses the periodic inventory system and reports the following for the month of June. June 1 12 23 30 Units Inventory 280 Purchase 560 Purchase 420 Inventory 140 Unit Cost $6 8 11 Total Cost $ 1,680 4,480 4,620 Your answer is correct. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ eTextbook and Media Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold tA 1198 8.56 9587 Your answer is partially correct. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is lower In contrast, cost of goods sold is than FIFO $ higher than FIFO $ 342 and higher 347 and than LIFO $ lower than LIFO $ 35 Larkspur, Inc. uses the periodic inventory system and reports the following for the month of June. June 1 12 23 30 Units Inventory 280 Purchase 560 Purchase 420 Inventory 140 Unit Cost $6 8 11 Total Cost $ 1,680 4,480 4,620 Your answer is correct. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ eTextbook and Media Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold tA 1198 8.56 9587 Your answer is partially correct. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is lower In contrast, cost of goods sold is than FIFO $ higher than FIFO $ 342 and higher 347 and than LIFO $ lower than LIFO $ 35
Expert Answer:
Answer rating: 100% (QA)
Ending inventory is lower than FIFO 1540 and higher than LIFO 840 In contr... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product, Beginning inventory of 20,000 units consisted of the following, listed in...
-
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,000 units consisted of the following, listed in...
-
Will U.S. interest rates be higher or lower than Japanese interest rates and will interest rate parity hold? Why or why not? Suppose that the inflation rate is lower in Japan than it is in the United...
-
Please show your work D To be a valid route, it must consist of a sequence of valid move. Each valid move is either going to the right for one block or going down for 1 block. T d) How many valid...
-
Early explorers often estimated altitude by measuring the temperature of boiling water. Use the following two equations to make a table that modem-day hikers could use for the same purpose. p =...
-
Consider the DFD in Figure 7-24. List three errors (rule violations) on this DFD. Figure 7-24 1.0 DF2 E1 P2 DF5 DS1 DF1 DF6 DF3 2.0 DF4 P1 DF2 E2
-
In Tara's town there are 24,000 people. Of those, \(\frac{13}{100}\) are food insecure. How many people in Tara's town are food insecure?
-
Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table. Using graph paper, plot the demand and supply...
-
K Bond valuation and yield to maturity Personal Finance Problem Mark Goldsmith's broker has shown him two bonds issued by different companies. Each has a maturity of 5 years, a par value of $1,000,...
-
Assume the risk-free continuously compounded interest rate is \(4 \%\) per annum. For an asset with today's price \(A(0)=\$ 100\), you are told that its expected return is \(10 \%\) per annum and...
-
4-P8. If P = 20 N, replace the three couples with a single equivalent couple, find the magnitude and the direction angles of the resulting couple moment. 160 mm y 170 mm 150 mm -P A D 34 N E 18 N G F...
-
Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land...
-
You buy ten (10) S&P500 index December futures contracts. Currently, S&P500 futures price is $3,000. The contract size is 50 and initial margin requirement is 6%. A month later, futures price...
-
Ques 2: Look at the diagram given below and calculate the critical path. Initiate the project (3d) Plan the project (7d) Create sign graphics/ text (3d) Create SM strategy (2d) Develop video concept...
-
Your task in this assignment is to write a program that calculates annual compound interest. In terms of output, this programming assignment is very similar to the last assignment i.e. prompt the...
-
A runner maintains constant acceleration after starting from rest as she runs a distance of 60.0 m. The runner's speed at the end of the 60.0 m is 9.00 m/s. How much time did it take the runner to...
-
< Freight terms Determine the amount to be paid in fullsettlement of each of two invoices, (a) and (b), assuming thatcredit for returns and allowances was received prior to payment andthat all i 2...
-
The company manufactures three products: wooden chairs, tables and dressers. AFC started off as a 'Mom & Pop' shop but has grown rapidly. AFC uses one assembly line to build all three products,...
-
Access the FASS Standards Codification at the FASB website (adc.fash.org). Required: Determine the specific citation for accounting for each of the following items: 1. On what basis is a contract's...
-
Assume the same facts as in E5-10. In E5-10 Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness...
-
Lewis Co. sold merchandise to AdCo for $60,000 and received 560,000 for that sale one month later. One week prior to receiving payment from AdCo, Lewis made a 510,000 payment to AdCo for advertising...
-
1. ETHICS Suppose you were on a state supreme court and faced with a restaurant- choking case. Should you require restaurant employees to know and employ the Heimlich maneuver to assist a choking...
-
Question: When Hiller Systems, Inc., was performing a safety inspection on board the M/V Cape Diamond, an ocean-going vessel, an accident killed two men. The Occupational Safety and Health...
-
2. YOU BE THE JUDGE WRITING PROBLEM An off-duty, out-of-uniform police officer and his son purchased some food from a 7-Eleven store and were still in the parking lot when a carload of teenagers...
Study smarter with the SolutionInn App