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Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B Part 2 Units Unit Cost 16 $290 11 10 HO2S 12 10 88 9 280 270 260 Total Cost $ 4,640 2,800 2,700 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.

Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B Part 2 Units Unit Cost 16 $290 11 10 HO2S 12 10 88 9 280 270 260 Total Cost $ 4,640 2,800 2,700 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.

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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How do I solve for ending inv. and CoGS in these? I still need help understanding FIFO and LIFO.

Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B Part 2 Units Unit Cost $290 16 11 10 12 10 8 LO DO 9 280 270 260 Total Cost $ 4,640 2,800 2,700 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
Transcribed Image Text:Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B Part 2 Units Unit Cost $290 16 11 10 12 10 8 LO DO 9 280 270 260 Total Cost $ 4,640 2,800 2,700 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B Part 3 Units Unit Cost Total Cost 16 $290 $4,640 11 10 12 10 8 9 280 270 260 2,800 2,700 2,340 $12,480 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Transcribed Image Text:Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B Part 3 Units Unit Cost Total Cost 16 $290 $4,640 11 10 12 10 8 9 280 270 260 2,800 2,700 2,340 $12,480 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
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