Almond Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available: Units Unit Cost Total Cost June 1 inventory 200 $12 $2,400 June 3 purchase 400 14 5,600 June 23 purchase 400 15 6,000 TOTAL 1,000 $14,000 Required Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. Round per-unit cost to two decimal places. Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula. Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $14; and the remaining 100 units had a unit cost of $15. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
Almond Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available: Units Unit Cost Total Cost June 1 inventory 200 $12 $2,400 June 3 purchase 400 14 5,600 June 23 purchase 400 15 6,000 TOTAL 1,000 $14,000 Required Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. Round per-unit cost to two decimal places. Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula. Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $14; and the remaining 100 units had a unit cost of $15. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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Question
Almond Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available:
|
|
Units |
Unit Cost |
Total Cost |
|
June 1 inventory |
200 |
$12 |
$2,400 |
|
June 3 purchase |
400 |
14 |
5,600 |
|
June 23 purchase |
400 |
15 |
6,000 |
|
TOTAL |
1,000 |
|
$14,000 |
Required
- Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. Round per-unit cost to two decimal places.
- Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.
- Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $14; and the remaining 100 units had a unit cost of $15. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
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