Exercise 6-1 columbia bank and trust is considering giving gallup
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
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Sept. 1 | Inventory |
14 |
$117 |
$ 1,638 |
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Sept. 12 | Purchases |
43 |
120 |
5,160 |
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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 | $![]() |
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The ending inventory at September 30 using the LIFO | $![]() |
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The ending inventory at September 30 using the average-cost | $![]() |
(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 |
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Cost of goods sold | $![]() |
$![]() |
$![]() |
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