Date Explanation Units Unit Cost Total Cost June 1 Inventory 320 $5 $1,600 12 Purchase 620 6 3,720 23 Purchase 820 7 5,740 30 Inventory 350 (a) 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 690 units occurred on June 15 for a selling price of $8 and a sale of 720 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) FIFO LIFO Cost of the ending inventory $ $ Cost of goods sold $ $ Moving Average $ $

Date Explanation Units Unit Cost Total Cost June 1 Inventory 320 $5 $1,600 12 Purchase 620 6 3,720 23 Purchase 820 7 5,740 30 Inventory 350 (a) 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 690 units occurred on June 15 for a selling price of $8 and a sale of 720 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) FIFO LIFO Cost of the ending inventory $ $ Cost of goods sold $ $ Moving Average $ $

Name: Urmilaben DateExplanation UnitsUnit CostTotal CostJune 1Inventory320$5
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Urmilaben DateExplanation UnitsUnit CostTotal CostJune 1Inventory320$5$1,60012Purchase62063,7202323Purchase82075,74030Inventory350(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetu

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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