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

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May 27th, 2020

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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]

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