Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203
Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3
decimal places, eg 15.647 and final answers to O decimal places, es 5,125)
FIFO
LIFO
Average-cost
Cost of the ending inventory
%24
24
Cost of goods sold
%24
%24
%24

Transcribed Image Text:Cheyenne Corp, Uses a periodic inventory system and reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
120
$5
$ 600
June 1
Inventory
12
Purchase
360
2,160
23
Purchase
200
1,400
30
Inventory
203
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Step 1 Concept of FIFO , LIFO and Weighted average methods of inventory valuation
VIEWStep 2 Calculation of number of units sold
VIEWStep 3 Calculation of cost of goods sold and ending inventory under FIFO method
VIEWStep 4 Calculation of cost of goods sold and ending inventory under LIFO method
VIEWStep 5 Calculation of cost of goods sold and ending inventory under average cost method
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