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(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 690 units occurred on June 15 for a selling price of $8 and a sale of 720 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.)

(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 690 units occurred on June 15 for a selling price of $8 and a sale of 720 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ashvinbhai 

Suppose that Ralph Lauren Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 320 $5 $1,600 12 Purchase 620 6 3,720 23 Purchase 820 7 5,740 30 Inventory 350 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 690 units occurred on June 15 for a selling price of $8 and a sale of 720 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ $ LIFO Moving Average $ $
Transcribed Image Text:Suppose that Ralph Lauren Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 320 $5 $1,600 12 Purchase 620 6 3,720 23 Purchase 820 7 5,740 30 Inventory 350 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 690 units occurred on June 15 for a selling price of $8 and a sale of 720 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ $ LIFO Moving Average $ $
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