Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Explanation Units Unit Cost Inventory 122 $4 Purchases Purchases Inventory Date June 1 (a) 12 23 30 The cost of the ending inventory The cost of goods sold 488 eTextbook and Media 305 285 6 8 Total Cost $488 2.928 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) 2,440 FIFO 13908 3576 LIFO 2200 3058 S Average-Cost 1834 32512
Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Explanation Units Unit Cost Inventory 122 $4 Purchases Purchases Inventory Date June 1 (a) 12 23 30 The cost of the ending inventory The cost of goods sold 488 eTextbook and Media 305 285 6 8 Total Cost $488 2.928 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) 2,440 FIFO 13908 3576 LIFO 2200 3058 S Average-Cost 1834 32512
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gadubhai
Transcribed Image Text:Grouper Corp. uses a periodic inventory system and reports the following for the month of June.
Date
June 1
(a)
12
23
30
Explanation Units Unit Cost
122
$4
Inventory
Purchases
Purchases
Inventory
The cost of the ending
inventory
The cost of goods sold
488
eTextbook and Media.
305
285
6
$
8
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes,
round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.)
Total Cost
$488
2.928
2,440
FIFO
13908
3576
$
$
LIFO
2280
3058
$
$
Average-Cost
1824
32512
SI
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