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Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June (a) 1 Beginning inventory 12 15 16 23 Explanation 27 Purchases Sale Purchases Purchases Sale Cost of goods sold $ Ending inventory $ Units FIFO 1,390 2,520 (2,550) 4,630 1,370 (5,890) Unit Cost/Price $6 7 12 $ 8 9 15 Total Cost $8,340 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 17,640 37,040 12,330 Average Cost

Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June (a) 1 Beginning inventory 12 15 16 23 Explanation 27 Purchases Sale Purchases Purchases Sale Cost of goods sold $ Ending inventory $ Units FIFO 1,390 2,520 (2,550) 4,630 1,370 (5,890) Unit Cost/Price $6 7 12 $ 8 9 15 Total Cost $8,340 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 17,640 37,040 12,330 Average Cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date (a) June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Purchases Purchases Sale Cost of goods sold $ Ending inventory $ Units FIFO 1,390 2,520 (2,550) 4,630 1,370 (5,890) Unit Cost/Price LA $6 $ 7 12 8 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 9 15 Total Cost $8,340 17,640 37,040 12,330 Average Cost
Transcribed Image Text:Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date (a) June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Purchases Purchases Sale Cost of goods sold $ Ending inventory $ Units FIFO 1,390 2,520 (2,550) 4,630 1,370 (5,890) Unit Cost/Price LA $6 $ 7 12 8 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 9 15 Total Cost $8,340 17,640 37,040 12,330 Average Cost
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