# Exercise 6-1 columbia bank and trust is considering giving gallup

Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott’s purchases of Xpert snowboards during September. During the same month, 101 Xpert snowboards were sold. Delmott uses a periodic inventory system.

 Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 \$117 \$ 1,638 Sept. 12 Purchases 43 120 5,160 Sept. 19 Purchases 51 122 6,222 Sept. 26 Purchases 21 123 2,583 Totals 129 \$15,603

(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

 The ending inventory at September 30 using the FIFO \$[removed] The ending inventory at September 30 using the LIFO \$[removed] The ending inventory at September 30 using the average-cost \$[removed]

(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

 FIFO LIFO AVERAGE-COST Cost of goods sold \$[removed] \$[removed] \$[removed]

### Exercise 6-7

Eggers Company reports the following for the month of June.

 Date Explanation Units Unit Cost Total Cost June 1 Inventory 179 \$7 \$ 1,253 12 Purchases 552 9 4,968 23 Purchases 298 10 2,980 30 Inventory 343

Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)

 Weighted-average unit cost \$[removed]

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.)

### Problem 6-5A

You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.

 Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 74 \$29 Oct. 9 Purchase 147 32 Oct. 11 Sale 123 43 Oct. 17 Purchase 123 33 Oct. 22 Sale 74 49 Oct. 25 Purchase 86 36 Oct. 29 Sale 135 49

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

 Weighted-average cost per unit \$[removed]

 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%)

 LIFO FIFO AVERAGE-COST Gross profit rate [removed] % [removed] % [removed] %

### Problem 6-9A

Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

 Purchases Date Units Unit Cost Sales Units July 1 10 \$89 July 6 7 July 11 4 \$94 July 14 4 July 21 6 \$102 July 27 4

Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)

 July 1 \$[removed] July 6 \$[removed] July 11 \$[removed] July 14 \$[removed] July 21 \$[removed] July 27 \$[removed]

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)

 FIFO MOVING-AVERAGE LIFO The ending inventory under a perpetual inventory system \$[removed] \$[removed] \$[removed]

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