E6.1E6.2E6.7E6.8E6.11E6.7 (LO 2), AP Jeters Company uses a periodie inventory system and reports the following for the month ofJune.DateExplanationUnitsUnit CostTotal CostJune I Inventory12 Purchase23 Purchase1206003702002,2201,40030 Ending Inventory230Cost of Goods Available for Sale4,220Total Units available for sale690Instructionsa. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost.(Round weighted-average unit cost to three decimal places.)b. Which costing method gives the highest ending inventory?c. What method give the highest cost of goods sold?Part A1. FIFOCost of Goods SoldUnitsUnit CostTotal CostTotal Cost of Goods SoldEnding InventoryUnitsUnit CostTotal CostTotal Ending Inventory2. LIFOCost of Goods SoldUnitsUnit CostTotal CostTotal Cost of Goods SoldEnding InventoryUnitsUnit CostTotal CostTotal Ending Inventory3. Average-CostAverage-cost per unit -Cost of Goods SoldTetal CostUnitsUnit CostTotal Cost of Goods SoldEnding InventoryUnitsUnit CostTotal CostTotal Ending Inventory12DashboardCalendarTo DoNotificationsInbox因

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Description: E6.1E6.2E6.7E6.8E6.11E6.7 (LO 2), AP Jeters Company uses a periodie inventory system and reports the following for the month ofJune.DateExplanationUnitsUnit CostTotal CostJune I Inventory12 Purchase23 Purchase1206003702002,2201,40030 Ending Inventor

First-In, First-Out (FIFO) & Last-In, First-Out (LIFO): First in, first-out (FIFO) is an…

Business

Accounting

E6.7 (LO 2). AP Jeters Company uses a periodie inventory system and reports the following for the month of June. Unit Cost Date June I Inventory 12 Purchase Explanation Units Total Cost 120 600 370 2,220 1,400 23 Purchase 200 30 Ending Inventory 230 Cost of Goods Available for Sale 4,220 Total Units available for sale 690 Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round weighted-average unit cost to three decimal places.) b. Which costing method gives the highest ending inventory? e. What method give the highest cost of goods sold?

E6.7 (LO 2). AP Jeters Company uses a periodie inventory system and reports the following for the month of June. Unit Cost Date June I Inventory 12 Purchase Explanation Units Total Cost 120 600 370 2,220 1,400 23 Purchase 200 30 Ending Inventory 230 Cost of Goods Available for Sale 4,220 Total Units available for sale 690 Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round weighted-average unit cost to three decimal places.) b. Which costing method gives the highest ending inventory? e. What method give the highest cost of goods sold?

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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Answer part d and e only.
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