Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is information related to Blowfish radios for the Whispering Company for the month of July. Date Transaction Units In Unit Cost Total Units

image text in transcribed

image text in transcribedimage text in transcribed

Presented below is information related to Blowfish radios for the Whispering Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance $3.90 $ 702 5,760 180 6 Purchase 1,440 4.00 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale $7.00 3,780 3,942 540 540 7.30 720 4.30 3,096 360 7.40 2,664 540 4.40 2,376 720 7.40 5,328 900 4.38 3,942 360 2,700 $18,414 7.50 Totals 3,780 $15,876 2,520 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted-average costs LINK TO TEXT 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 O decimal places, e.g. 6,578.) (1) FIFO (2) LIFO. (3) Weighted-average FIFO Ending Inventory at July 31 which of the methods used above ill yield the lowest figure for gross profit for the income statement? method will yield the lowest gross profit. LINK TO TEXT Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? method will yield the lowest ending inventory

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

Current Issues In Auditing Fraternity Modern Auditing And Auditors Issues

Authors: Nancy Myle

1st Edition

B0BCSDPYMD, 979-8849756974

More Books

Students also viewed these Accounting questions