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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 | $ | $ | $ |
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