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(a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations. Round cast of goods sold answers to 0 decimle places, eg. 125 and average cost answers to decimal places, eg. 1.25.) Cost of goods sold $ Cost of ending inventory S FIFO 115830 S $ Average

(a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations. Round cast of goods sold answers to 0 decimle places, eg. 125 and average cost answers to decimal places, eg. 1.25.) Cost of goods sold $ Cost of ending inventory S FIFO 115830 S $ Average

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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Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate colculations. Round cast of goods sold answers to 0 decimla places, eg. 125 and average cost answers to 2 decimal places, eg. 1.25.) Cost of goods sold $ Cost of ending inventory S FIFO 115830 $ $ Average
Transcribed Image Text:Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate colculations. Round cast of goods sold answers to 0 decimla places, eg. 125 and average cost answers to 2 decimal places, eg. 1.25.) Cost of goods sold $ Cost of ending inventory S FIFO 115830 $ $ Average
Sarasota Ltd, uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Cost/Price $6 Date June 1 Beginning inventory Purchases 12 Explanation 15 Sale Purchases Purchases 16 23 27 Sales Units 1,530 2,090 (2,690) 4,740 1,380 (5,570 ) 728a 12 15 Total Cost $9,180 14,630 37,920 12,420
Transcribed Image Text:Sarasota Ltd, uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Cost/Price $6 Date June 1 Beginning inventory Purchases 12 Explanation 15 Sale Purchases Purchases 16 23 27 Sales Units 1,530 2,090 (2,690) 4,740 1,380 (5,570 ) 728a 12 15 Total Cost $9,180 14,630 37,920 12,420
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