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Current Attempt in Progress Sarasota Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 12 15 16 222 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Units 1,530 2,090 (2,690) 4,740 1,380 (5,570) Unit Cost/Price $6 7 12 8 15 Total Cost $9,180 14,630 37,920 12,420

Current Attempt in Progress Sarasota Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 12 15 16 222 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Units 1,530 2,090 (2,690) 4,740 1,380 (5,570) Unit Cost/Price $6 7 12 8 15 Total Cost $9,180 14,630 37,920 12,420

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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Current Attempt in Progress Sarasota Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Cost/Price Date June 1 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Units 1,530 2,090 (2,690) 4,740 1,380 (5,570) $6 7200 as 12 8 9 15 Total Cost $9,180 14,630 37,920 12,420
Transcribed Image Text:Current Attempt in Progress Sarasota Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Cost/Price Date June 1 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Units 1,530 2,090 (2,690) 4,740 1,380 (5,570) $6 7200 as 12 8 9 15 Total Cost $9,180 14,630 37,920 12,420
(a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations: Round cost of goods sold answers to 0 decimla places, e.g. 125 and average cost answers to 2 decimal places, e.g. 1.25.) Cost of goods sold Cost of ending inventory $ eTextbook and Media Save for Later 14 Last saved 3 days ago. FIFO 115830 $ $ Average Attempts: 0 of 2 used Submit Answer
Transcribed Image Text:(a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations: Round cost of goods sold answers to 0 decimla places, e.g. 125 and average cost answers to 2 decimal places, e.g. 1.25.) Cost of goods sold Cost of ending inventory $ eTextbook and Media Save for Later 14 Last saved 3 days ago. FIFO 115830 $ $ Average Attempts: 0 of 2 used Submit Answer
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