Exercise 6-7 Ivanhoe Company reports the following for the month of June. ...
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Accounting
Exercise 6-7
Ivanhoe Company reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
123
$5
$ 615
12
Purchases
403
6
2,418
23
Purchases
188
7
1,316
30
Inventory
219
Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$
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.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$
$
$
The cost of goods sold
$
$
$
Brief Exercise 5-12
Whispering Winds Corp. reported net sales $671,500; cost of goods sold $317,500; operating expenses $219,500; and net income $65,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.)
Profit margin
%
Gross profit rate
%
Answer & Explanation
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