Exercise 6-07 a-c Oriole Company uses a periodic system reports the following for the month of June. Unit Cost Units $4 June 1 12 Inventory Purchase Purchase Inventory 210 450 330 100 Total Cost $ 840 2,250 1,980 5 6 23 30 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory Cost of goods sold $ $ s Which costing method gives the higher ending inventory? Which method results in the higher cost of goods sold? Click if you would like to Show Work for this question: Open Show Work Exercise 6-09 al,a2, b Coronado Company reports the following for the month of June. Units Unit Cost Total Cost $8 Inventory Purchase Purchase 250 400 June 1 12 23 30 9 $ 2,000 3,600 3,500 10 350 130 Inventory Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory $ The cost of goods sold $ Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is than FIFO S and than LIFO S In contrast, cost of goods sold is than FIFO S and than LIFO S Click if you would like to Show Work for this question: Open Show Work Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique's CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique's CDs. Oct. 3 2,500 @ $6 Oct. 9 3.500 @ $7 Oct. 19 3,000 @ $8 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale s Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit s Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory s $ The cost of goods sold Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? produces the highest inventory amount, $ produces the highest cost of goods sold, $ Click if you would like to Show Work for this question: Open Show Work Exercise 6-12 Concord Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Market Value 9 $169 $150 10 155 157 Cameras: Minolta Canon Light meters: Vivitar Kodak 20 124 111 135 19 120 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory s Click if you would like to Show Work for this question: Open Show Work Exercise 6-14 al-a3 This information is available for Bramble's Photo Corporation for 2018, 2019, and 2020. 2018 2019 2020 $ 120,000 316,000 S 316,000 414,000 Beginning inventory Ending inventory Cost of goods sold Sales revenue $ 414,000 484,000 1,300,000 1,900,000 890,000 1,190,000 1,120,000 1,600,000 Calculate inventory turnover for Bramble's Photo Corporation for 2018, 2019, and 2020. (Round answers to 2 decimal places, e.g. 1.52.) 2018 2019 2020 Inventory turnover Calculate days in inventory for Bramble's Photo Corporation for 2018, 2019, and 2020. (Round answers to 1 decimal place, e.g. 1.5. Use 365 days for calculation.) 2018 2019 2020 Days in inventory days days days Calculate gross profit rate for Bramble's Photo Corporation for 2018, 2019, and 2020. (Round answers to 0 decimal places, e.g. 125%.) 2018 2019 2020 Gross profit rate % % % Click if you would like to Show Work for this question: Open Show Work