Jeters Company uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchases 370
Jeters Company uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchases 370
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...
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Jeters Company uses a perpetual inventory system reports the following for the month of June.
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
||||
---|---|---|---|---|---|---|---|---|
June 1
|
Inventory
|
120
|
$5
|
$600 | ||||
12
|
Purchases
|
370
|
6
|
2,220 | ||||
23
|
Purchases
|
200
|
7
|
1,400 | ||||
30
|
Inventory
|
230
|
Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 410 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations to 0 decimal places, e.g. 5.250 and final answer to 3 decimal places, e.g. 5.125.)
June 1
|
$5 | |
---|---|---|
June 12
|
$5.755 | |
June 15
|
$5.755 | |
June 23
|
$ ? | |
June 27
|
$ ? |
Calculate 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 410 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations and final answers to 0 decimal places, e.g. 125.)
FIFO
|
LIFO
|
Moving-Average
|
||||
---|---|---|---|---|---|---|
The cost of the ending inventory
|
$ 1580 | $ ? | $ ? | |||
The cost of goods sold
|
$ 2640 | $ ? | $ ? |
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