Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30.   Date Description Units Unit Cost Total Cost June 27 Purchase 12 $ 8 $ 96 June 28 Purchase 38 9 342 June 29 Purchase 20 11 220 Calculate the cost of ending inventory and the cost of goods sold under LIFO.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30.

 

Date Description Units Unit Cost Total Cost
June 27 Purchase 12 $ 8 $ 96
June 28 Purchase 38 9 342
June 29 Purchase 20 11 220

Calculate the cost of ending inventory and the cost of goods sold under LIFO.

Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and
delivered 46 units on June 30.
Date
June 27
June 28
June 29
Description
Purchase
Purchase
Purchase
Units
12
38
20
Required 1 Required 2
Required:
1. Calculate the number and cost of goods available for sale.
2. Calculate the number of units in ending inventory at June 30.
3. Calculate the cost of ending inventory and the cost of goods sold under LIFO.
LIFO
Unit Cost
$ 8
9
11
Complete this question by entering your answers in the tabs below.
Required 3
Total Cost
$ 96
342
220
Calculate the cost of ending inventory and the cost of goods sold under LIFO.
Cost of Ending
Inventory
Cost of Goods
Sold
< Required 2
Required 3 >
Transcribed Image Text:Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30. Date June 27 June 28 June 29 Description Purchase Purchase Purchase Units 12 38 20 Required 1 Required 2 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under LIFO. LIFO Unit Cost $ 8 9 11 Complete this question by entering your answers in the tabs below. Required 3 Total Cost $ 96 342 220 Calculate the cost of ending inventory and the cost of goods sold under LIFO. Cost of Ending Inventory Cost of Goods Sold < Required 2 Required 3 >
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