Pearl Industries reports the following for the month of June Date Explanation Units Unit Cost ...
Question:
Pearl Industries reports the following for the month of June
| Date | Explanation | Units | Unit Cost | Total Cost |
|---|---|---|---|---|
| June 1 | Inventory | 126 | $5 | 630 |
| 12 | Purchases | 401 | 6 | 2,406 |
| 23 | Purchases | 217 | 7 | 1,519 |
| 30 | Inventory | 250 |
A sale of 442 units occurred on June 15 for a selling price of $8 and a sale of 52 units on June 27 for $9.
Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.)
| June 1 | 5 |
| June 12 | 5.760 |
| June 15 | 5.760 |
| June 23 | ??? |
| June 27 | ??? |
Calculate cost if the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 442 units occured on June 15 for a selling price of $8 and a sale of 52 units on June 27 for $9.
| FIFO | LIFO | Moving-Average | |
|---|---|---|---|
| The cost of the ending inventory | $ | $ | $ |
| The cost of goods sold | $ | $ | $ |
Inventory Valuation:
Every end of the year, the company calculates its inventory to calculate the ending inventory, cost of goods manufactured and cost of goods sold. The cost of goods sold helps in calculating the gross profit.
Answer and Explanation: 1
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Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
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Chapter 6 / Lesson 11
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Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
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