Almond Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available: UnitsUnit Cost Total CostJune 1 inventory200 $12 $2,400June 3 purchase 40014 5,600June 23 purchase 40015 6,000TOTAL1,000 $14,000RequiredCalculate 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.

1. Weighted Average Cost Formula: Step 1: Calculate Weighted Average Cost per Unit: Weighted Average…

Answered: Almond Limited uses a periodic…

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Almond Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available:

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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