Exercise 6-09 a1-a2, b (Part Level Submission)

Blossom Company reports the following for the month of June.

				Units			Unit Cost			Total Cost
June 1		Inventory		420			$3			$ 1,260
12		Purchase		840			8			6,720
23		Purchase		630			11			6,930
30		Inventory		210

(a1)

	Your answer is correct.

Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.)

Weighted Average Unit Cost

$

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(a2)

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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		$

Problem 6-03A a, b1-b2, c (Part Level Submission) (Video)

Skysong, Inc. had a beginning inventory on January 1 of 105 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made.

Mar. 15

280 units

at

$24

Sept. 4

245 units

at

$27

July 20

175 units

at

$25

Dec. 2

70 units

at

$30

700 units were sold. Skysong, Inc. uses a periodic inventory system.

(a)

	Your answer is correct.

Determine the cost of goods available for sale.

The cost of goods available for sale

$

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(b1)

	Your answer is correct.

Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.23.)

Average cost per unit

$

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(b2)

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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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$		$		$
The cost of goods sold		$		$