Accounting Presentation Ch 6 Ex 7.xlsx - Exercise 6-7(Part Level Submission Sandhill Co Reports the following for the month of June Date 1-Jun 12 23 30

# Accounting Presentation Ch 6 Ex 7.xlsx - Exercise 6-7(Part...

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Exercise 6-7 (Part Level Submission) Sandhill Co. Reports the following for the month of June. Date: Explanation: Units: Unit Cost: Total Cost: 1-Jun Inventory 121 \$5 \$605 12 Purchases 345 6 2070 23 Purchases 202 7 1414 30 Inventory 250 A1) Calculate weighted-average unit cost. (Round answer to 3 decimal place Steps: 1 Add Units ---------->121 + 345 + 202 = 668 2 Add Total Cost ---->605 + 2070 + 1414 = 4089 3 Divide: -----> (3 decimal pla A2) Compute the cost of the ending inventory and the cost of goods sold un FIFO: LIFO: The cost of the ending inventory: 1702 1379 The cost of goods sold: 2387 2710 202 * 7 = 141 48 * 6 = 288 FIFO: First In First Out Total: 1702 LIFO: Last In First Out FIFO: (COGS) Total Cost - C 4089 / 668 = 6.121 Weighted -average unit cost:    #### You've reached the end of your free preview.

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Unformatted text preview: 6.121 FIFO : LIFO: Sum of: Beg Inventory Last Inventor LIFO: (COGS) Total Cost - LI Weighted-Ave Average-Cost: (COGS) Total Cost - A 4089 - 1702 = 4089 - 1379 = Average-Cost: 6.121 * 250 = 4089 - 1530 = es) laces) nder FIFO, LIFO, and average-cost. (Round answers to 0 decimal places.) Average-Cost: 1530 2559 d 14 How did we get 48? ---250-202 = 48 (Ending Inventory - Purchases) Cost of ending inventory y * Cost = 121 * 5 = 605 ry - Beginning Inventory * Cost = 250 - 121 = 129 129 * 6 = 774 IFO (Cost of the ending inventory) verage Unit Cost * Ending Inventory Average Cost (cost of the ending inventory) = 2387 605 + 774 = 1379 = 2710 = 1530 = 2559...
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