Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3decimal places, eg 15.647 and final answers to O decimal places, es 5,125)FIFOLIFOAverage-costCost of the ending inventory%2424Cost of goods sold%24%24%24 Cheyenne Corp, Uses a periodic inventory system and reports the following for the month of June.DateExplanationUnitsUnit CostTotal Cost120$5$ 600June 1Inventory12Purchase3602,16023Purchase2001,40030Inventory203

First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

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

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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