Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit...

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Accounting

Larkspur, Inc. uses a periodic inventory system and reports thefollowing for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
105
$5
$ 525
12
Purchases
375
6
2,250
23
Purchases
205
7
1,435
30
Inventory
240
Calculate weighted-average unit cost. (Round answerto 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$enter a weighted-average unit costin dollars
eTextbook and Media


Compute the cost of the ending inventory and the cost of goodssold under FIFO, LIFO, and average-cost. (Round answersto 0 decimal places, e.g. 125.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$enter a dollar amount $enter a dollar amount $enter a dollar amount
The cost of goods sold
$enter a dollar amount $enter a dollar amount $enter a dollar amount
eTextbook and Media
eTextbook and Media
List of Accounts


Compute the cost of the ending inventory under the average-costmethod, assuming there are 400 units on hand at the end of theperiod. (Round answer to 0 decimal places, e.g.125.)
The cost of the ending inventory
$enter the cost of the endinginventory in dollars
eTextbook and Media
List of Accounts

Answer & Explanation Solved by verified expert

3.8 Ratings (566 Votes)

Solution Weighted average unit cost 6146 FIFO LIFO Weighted Average Cost of Ending Inventory 1645 1335 1475 Cost of Goods Sold 2565 2875 2735 Assuming ending units are 400 The cost of the ending inventory 2458 Working Units Cost per unit See Answer

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