Problem 6-3A (Part Level Submission) Pina Colada Corp. had a beginning inventory
ID: 3145817 • Letter: P
Question
Problem 6-3A (Part Level Submission) Pina Colada Corp. had a beginning inventory on January 1 of 285 units of Product 4-18-15 at a cost of $19 per unit. During the year, the following purchases were made. Mar. 15 760 units at $22 Sept. 4 665 units at $25 July 20 475 units at $23 Dec. 2 190 units at $28 1,900 units were sold. Pina Colada Corp. uses a periodic inventory system. (a) Your answer is correct Determine the cost of goods available for sale The cost of goods available for sale Click if you would like to Show Work for this question: 55005 Open Show Work LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 1 of 2 (b1) Your answer is correct. Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.23.) Average cost per unit Click if you would like to Show Work for this question: Open Show Work 23.16Explanation / Answer
(a)
You can directly use excel formula sumproduct(cost_column,units_column)
(b)
Total units = 2375
Total cost = 55005
cost per unit = 55005/2375 = 23.16
(c)
FIFO
Ending inventory - $12445
Cost of goods sold - $42560
LIFO
Ending inventory - $9595
Cost of goods sold - $45410
Avg. cost
Ending inventory - (total bottles - 1900)*23.16 = $11001
good sold cost = 1900*23.16 = $44004
date units price cost Jan-01 285 19 5415 Mar-15 760 22 16720 Jul-20 475 23 10925 Sep-04 665 25 16625 Dec-02 190 28 5320 total cost 55005