Exercise 6-1 columbia bank and trust is considering giving gallup

Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott’s purchases of Xpert snowboards during September. During the same month, 101 Xpert snowboards were sold. Delmott uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		14		$117		$ 1,638
Sept. 12		Purchases		43		120		5,160
Sept. 19		Purchases		51		122		6,222
Sept. 26		Purchases		21		123		2,583
		Totals		129				$15,603

(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

The ending inventory at September 30 using the FIFO		$[removed]
The ending inventory at September 30 using the LIFO		$[removed]
The ending inventory at September 30 using the average-cost		$[removed]

(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
Cost of goods sold		$[removed]		$[removed]		$[removed]

 

 

 

 

 

Exercise 6-7 Eggers Company reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   179   $7   $ 1,253 12   Purchases   552   9   4,968 23   Purchases   298   10   2,980 30   Inventory   343

Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) Weighted-average unit cost   $[removed]

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.)         Problem 6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Date   Description   Units   Unit Cost or Selling Price Oct. 1   Beginning inventory   74   $29 Oct. 9   Purchase   147   32 Oct. 11   Sale   123   43 Oct. 17   Purchase   123   33 Oct. 22   Sale   74   49 Oct. 25   Purchase   86   36 Oct. 29   Sale   135   49   Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit   $[removed]   Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)   Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%)     LIFO   FIFO   AVERAGE-COST Gross profit rate   [removed]  %   [removed]  %   [removed]  %

 

 

 

Problem 6-9A Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.     Purchases     Date   Units   Unit Cost   Sales Units July 1   10   $89     July 6           7 July 11   4   $94     July 14           4 July 21   6   $102     July 27           4

Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.) July 1   $[removed] July 6   $[removed] July 11   $[removed] July 14   $[removed] July 21   $[removed] July 27   $[removed]

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)     FIFO   MOVING-AVERAGE   LIFO The ending inventory under a perpetual inventory system   $[removed]   $[removed]   $[removed]