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A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 $5.00 June 9 June 16 June 26 100 units 150 units 100 units 150 units $500 825 5.50 600 6.00 975 6.50 $2,900 On June 19th the Company sold 300 units at a price of $12 each. Use the above information for parts a, b, and c. a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK c.Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK

A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 $5.00 June 9 June 16 June 26 100 units 150 units 100 units 150 units $500 825 5.50 600 6.00 975 6.50 $2,900 On June 19th the Company sold 300 units at a price of $12 each. Use the above information for parts a, b, and c. a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK c.Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK

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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A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 $5.00 June 9 June 16 June 26 100 units 150 units 100 units 150 units $500 825 5.50 600 6.00 975 6.50 $2,900 On June 19th the Company sold 300 units at a price of $12 each. Use the above information for parts a, b, and c. a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK c.Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
Transcribed Image Text:A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 $5.00 June 9 June 16 June 26 100 units 150 units 100 units 150 units $500 825 5.50 600 6.00 975 6.50 $2,900 On June 19th the Company sold 300 units at a price of $12 each. Use the above information for parts a, b, and c. a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK c.Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
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