Question
Presented below is information related to Blowfish radios for the Sheridan Company for the month of July. Date Transaction Units In Unit Cost Total Units
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Presented below is information related to Blowfish radios for the Sheridan Company for the month of July.
Date | Transaction | Units In | Unit Cost | Total | Units Sold | Selling Price | Total | |||||||
July 1 | Balance | 150 | $3.70 | $ 555 | ||||||||||
6 | Purchase | 1,200 | 3.80 | 4,560 | ||||||||||
7 | Sale | 450 | $6.80 | $ 3,060 | ||||||||||
10 | Sale | 450 | 7.10 | 3,195 | ||||||||||
12 | Purchase | 600 | 4.10 | 2,460 | ||||||||||
15 | Sale | 300 | 7.20 | 2,160 | ||||||||||
18 | Purchase | 450 | 4.20 | 1,890 | ||||||||||
22 | Sale | 600 | 7.20 | 4,320 | ||||||||||
25 | Purchase | 750 | 4.18 | 3,135 | ||||||||||
30 | Sale |
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| 300 | 7.30 | 2,190 | ||||||||
Totals | 3,150 | $12,600 | 2,100 |
| $14,925 |
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Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)
Weighted-average cost
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Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.
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Which of the methods used above will yield the lowest figure for gross profit for the income statement?
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Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet?
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