Unit 10

a1.docx

Home >Business & Finance homework help >Accounting homework help >Unit 10

Problem 6-9A

Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.

	Purchases
Date	Units	Unit Cost	Sales Units
May 1	231	$148
May 4			132
May 8	264	$168
May 12			165
May 15	198	$183
May 20			99
May 25			132

Collapse question part

(a1)

Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25. (Round answers to 3 decimal places, e.g. $105.252.)

		Average cost for each unit
May 1		$

May 4		$

May 8		$

May 12		$

May 15		$

May 20		$

May 25		$

Problem 6-5A

You are provided with the following information for Aylesworth Inc. for the month ended October 31, 2012. Aylesworth uses a periodic method for inventory.

Date	Description	Units	Unit Cost or Selling Price
October 1	Beginning inventory	68	$21
October 9	Purchase	136	22
October 11	Sale	113	31
October 17	Purchase	79	23
October 22	Sale	68	36
October 25	Purchase	90	24
October 29	Sale	124	36

Collapse question part

(a1)


	Your answer is correct.

Calculate cost per unit. (Round answers to 3 decimal places, e.g. $5.250.)

Weighted-average cost per unit		$
Click if you would like to Show Work for this question:	Open Show Work

SHOW SOLUTION

SHOW ANSWER

LINK TO TEXT

Attempts: 2 of 5 used

Collapse question part

(a2)

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 o decimal places, e.g. $2,150.)

		LIFO	FIFO	AVERAGE-COST
The ending inventory		$	$	$
The cost of goods sold		$	$	$
Gross profit		$	$	$
Click if you would like to Show Work for this question:	Open Show Work

22.512