Question

# Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June....

Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June.

 Date Explanation Units 130 \$5 \$ 650 370 6 2,220 200 7 1,400 240

Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

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.)

 Date Explanation Units Unit Cost Total Cost 1-Jun Inventory 130 \$5 \$650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Computation of weighted average cost per unit Date Explanation Units Unit Cost Total Cost 1-Jun Inventory 130 \$5 \$650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 700 4270 weighted average cost = 4270/700 6.10 computation of cost of ending inventory using - FIFO ending inventory = 1,640.00 200*7+40*6 LIFO ending inventory = 1,310.00 130*5+110*6 Average cost ending inventory = 240*6 1,440.00