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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

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

FINANCIAL ACCOUNTING
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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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
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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