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  3. exercise 6-7 ivanhoe company reports the following

Exercise 6-7 Ivanhoe Company reports the following for the month of June. ...

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Question

Accounting

Exercise 6-7

Ivanhoe Company reports the following for the month of June.

Date

Explanation

Units

Unit Cost

Total Cost
June 1 Inventory 123 $5 $ 615
12 Purchases 403 6 2,418
23 Purchases 188 7 1,316
30 Inventory 219
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Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost $

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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 $

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 $

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 $

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The cost of goods sold $

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 $

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 $

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Brief Exercise 5-12

Whispering Winds Corp. reported net sales $671,500; cost of goods sold $317,500; operating expenses $219,500; and net income $65,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.)

Profit margin

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%
Gross profit rate

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%

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