1 answer

Calculate average cost for each unit (Round answers to 3 decimal places, e.g 5.125) Jan 1 $ Jan 2 $

Question:

Problem 6-08A a1-a2 Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method.

Calculate average cost for each unit (Round answers to 3 decimal places, e.g 5.125)

Jan 1 $

Jan 2 $

Jan 6 $

Jan 9 $

Jan 10 $

Jan 23 $

Jan 30 $

For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)

(1) LIFO.
(2) FIFO.
(3) Moving-average.
Problem 6-08A a1-a2 Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Jan. Ending inventory 150 Purchase 100 2 Sale 180 Jan. 6 Jan. 9 Jan. Purchase 70 Sale 60 10 Jan. Purchase 112 23 Jan. 30 Sale 128 Diolin 2010. bilan T. Alibbe named A Dicias . b one Te HA

Answers

Answer-1:

Calculation of average cost for each unit:

AVG. COST METHOD-PERPETUAL INVENTORY METHOD Purchase Sale Rate Total Unit Rate Total Unit 1 Date Unit 100 $ 21.000 $ 2,100 18

Answer-2:

LIFO COST METHOD Sale Unit Rate Total Purchase Rate Date Unit Total Unit Dec.31 Balance Rate Total 150 20.000 $ 3,000 150 20.

Ending Inventory = 64 units @20 per unit = $1,400

Cost of goods sold = $8,482

Answer-3:

FIFO COST METHOD Sale Unit R ate Total Date Purchase Rate Unit Total Unit Dec.31 Balance Rate Total 150 20.000 $ 3,000 150 20

Ending Inventory = 64 units @26 per unit = $1,664

Cost of goods sold = $8,098

.

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