Please do not give solution in image format thanku Grouper Company reports the following for the month of June.DateJune 1(a)122330Explanation UnitsInventory315735PurchasePurchaseInventoryEnding inventoryCost of goods sold1,050FIFO$392Unit Cost$4SCompute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost perunit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520)6Total Cost$1,2603,6756.300LIFOAVERAGE COST

Under FIFO method inventory bough first is sold first. Under LIFO method inventory bought last is…

Grouper Company reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory 315 Purchase Purchase Inventory Ending inventory Cost of goods sold 735 1,050 FIFO 392 Unit Cost $4 5 6 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, eg 2,520) Total Cost $1,260 3,675 6.300 LIFO AVERAGE COST

Grouper Company reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory 315 Purchase Purchase Inventory Ending inventory Cost of goods sold 735 1,050 FIFO 392 Unit Cost $4 5 6 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, eg 2,520) Total Cost $1,260 3,675 6.300 LIFO AVERAGE COST

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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