Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1

Grouper Corp. uses a periodic inventory system and reports the following for the month of June.

Date

Explanation

Units

Unit Cost

Total Cost

June 1

Inventory

130

$5

$ 650

12

Purchases

400

6

2,400

23

Purchases

220

7

1,540

30

Inventory

250

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

Weighted-average unit cost

$ 6.120

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

$ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value In A Dynamic Business Environment

Authors: Ronald Hilton, David Platt

13th Edition

1264100698, 9781264100699

More Books

Students also viewed these Accounting questions