Question

# Exercise 6-7 Cheyenne Corp. reports the following for the month of June. Date Explanation Units Unit...

Exercise 6-7 Cheyenne Corp. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 \$5 \$ 615 12 Purchases 351 6 2,106 23 Purchases 194 7 1,358 30 Inventory 207 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost \$ 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.) FIFO LIFO Average-cost The cost of the ending inventory \$ \$ \$ The cost of goods sold \$ \$ \$ Click if you would like to Show Work for this question: Open Show Work

Schedule :

 Unit Cost Inventory 123 615 Purchase 12 351 2106 Purchase 23 194 1358 Total 668 4079

Weighted average unit cost = 4079/668 = 6.106 per unit

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost

 FIFO LIFO Average cost Cost of ending inventory (194*7+13*6) = 1436 (123*5+84*6)=1119 6.106*207 = 1264 Cost of goods sold (4079-1436) = 2643 (4079-1119) = 2960 (4079-1264) = 2815

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