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

Homework Answers

Answer #1

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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