Concord Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 360 $3 $1,080 12 Purchase 840 4 3,360 23 Purchase 1,200 6,000 30 Inventory 448 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) AVERAGE COST FIFO LIFO
Concord Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 360 $3 $1,080 12 Purchase 840 4 3,360 23 Purchase 1,200 6,000 30 Inventory 448 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) AVERAGE COST FIFO LIFO
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...
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![Concord Company reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
360
$3
$1,080
12
Purchase
840
4
3,360
23
Purchase
1,200
6,000
30
Inventory
448
(a)
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per
unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.)
AVERAGE COST
FIFO
LIFO
Ending inventory
$4
$4
Cost of goods sold
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb0206cd-4df0-4268-885e-196d475cc8e4%2F82220809-b94b-481c-b8d3-c7aa18dde85d%2F1chqc6k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Concord Company reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
360
$3
$1,080
12
Purchase
840
4
3,360
23
Purchase
1,200
6,000
30
Inventory
448
(a)
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per
unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.)
AVERAGE COST
FIFO
LIFO
Ending inventory
$4
$4
Cost of goods sold
%24
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