Exercise 6-7

Ivanhoe Company reports the following for the month of June.

Date		Explanation		Units		Unit Cost		Total Cost
June 1		Inventory		123		$5		$ 615
12		Purchases		403		6		2,418
23		Purchases		188		7		1,316
30		Inventory		219

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

Weighted-average unit cost

$

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.)

		FIFO		LIFO		Average-cost
The cost of the ending inventory		$		$		$
The cost of goods sold		$		$		$

Brief Exercise 5-12

Whispering Winds Corp. reported net sales $671,500; cost of goods sold $317,500; operating expenses $219,500; and net income $65,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.)

Profit margin		%
Gross profit rate		%