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Cost ry 500 $5 $2,500 se 800 6. 4,800 se 1,000 7. 7,000

Cost ry 500 $5 $2,500 se 800 6. 4,800 se 1,000 7. 7,000

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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Jennifer Company reports the following for the month of June. Unit Date Explanation Units. Total Cost Cost June 1. Inventory 500 $5 $2,500 12 Purchase 800 6. 4,800 23 Purchase 1,000 7. 7,000 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 870 units occurred on June 15 for a selling price of $8 and a sale of 900 units on June 27 for $9. (Round average cost per unit to 3 decimal places, eg. 5.254 and final answers to O decimal places, eg. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory %24 Cost of goods sold %24 24
Transcribed Image Text:Jennifer Company reports the following for the month of June. Unit Date Explanation Units. Total Cost Cost June 1. Inventory 500 $5 $2,500 12 Purchase 800 6. 4,800 23 Purchase 1,000 7. 7,000 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 870 units occurred on June 15 for a selling price of $8 and a sale of 900 units on June 27 for $9. (Round average cost per unit to 3 decimal places, eg. 5.254 and final answers to O decimal places, eg. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory %24 Cost of goods sold %24 24
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