60.1K

Verified Solution

Link Copied!

Question 9 View Policies Current Attempt in Progress Presented below is information related to Blowfish radios for the Sheridan Company for the month of July, Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 170 53.80 $ 646 6 Purchase 1.360 3.90 5.304 7 Sale 510 $6.90 $3.519 10 Sale 510 7.20 3.672 12 Purchase 680 420 2,856 15 Sale 340 7.30 2.482 18 Purchase 510 2,193 22 Sale 680 7.30 4.964 25 Purchase 850 428 3,638 30 Sale 340 7.40 2.516 Totals 3.570 $14,637 2.380 $17,153 Calculate average cost per unit. (Round answer to 2 decimal places, s. 276) Weighted average cost $ e Textbook and Media Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to decimal places, es 6,578) (1) FIFO. (2) LIFO (3) Weighted average 12 Weighted Average Ending Inventory at July 315 eTextbook and Media (3) (1) FIFO UFO Which of the methods used above will yield the lowest figure for gross profit for the income statement? method will yield the lowest gross profit. eTextbook and Media Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? method will yield the lowest ending inventory

Answer & Explanation Solved by verified expert

See Answer