Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Roundintermediate calculations and final answers to O decimal places, e.g. 125.)FIFOLIFOMoving-AverageThe cost of the ending$$inventoryThe cost of goods sold$$eTextbook and Media%24%24%24%24%24%24 Sage Hill Inc. uses a perpetual inventory system reports the following for the month of June.DateExplanationUnitsUnit CostTotal CostJune 1Inventory130$5$65012Purchases37062,22023Purchases25071,75030Inventory270Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for aselling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations to 0 decimal places, e.g. 5.250 and finalanswer to 3 decimal places, e.g. 5.125.)June 1$June 12$June 15June 23June 27%24%24%24%24

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Description: Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (R

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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Calculate 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 430 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations and final answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending 2$ 2$ 2$ inventory The cost of goods sold 2$ 2$ 2$

Calculate 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 430 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations and final answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending 2$ 2$ 2$ inventory The cost of goods sold 2$ 2$ 2$

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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