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 $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Date
Explanation Units
Unit Cost
Total Cost
June 1
Inventory
320
$5
$1,600
12
Purchase
620
6
3,720
23
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
Cost of the ending inventory
$
Cost of goods sold
$
+A
$
LIFO
$
Moving Average
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