Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Roundanswers to 0 decimal places, e.g. 125.)Cost of the endinginventoryCost of goods sold$$FIFO$$LIFO$$Moving-Average Sunland Company uses a perpetual inventory system and reports the following for the month of June.DateJune 1(a1)122330June 1June 12June 15Explanation UnitsInventoryJune 23PurchaseJune 27PurchaseInventoryYour answer is correct.$$$140$360$220270Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and finalanswers to 3 decimal places, e.g. 5.125.)Unit Cost55.725.726.6$56.667Total Cost$7002,1601,540

According to the question given, we need to compute the cost of goods sold, and ending…

Calculate the 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 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round answers to O decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ $ LIFO $ $ Moving-Average

Calculate the 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 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round answers to O decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ $ LIFO $ $ Moving-Average

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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