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. Description Purchase Date Units Unit Cost Total Cost June 27 12 $ 8 $ 96 June 28 Purchase 38 9. 342 June 29 Purchase 20 11 220 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. Complete this question by entering your answers in the tabs below.
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. Description Purchase Date Units Unit Cost Total Cost June 27 12 $ 8 $ 96 June 28 Purchase 38 9. 342 June 29 Purchase 20 11 220 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. Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How do I find the FIFO, LIFO: costs of ending inventory and cost of goods sold so I can figure out the weighted average cost?
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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.
Description
Purchase
Purchase
Purchase
Units
Unit Cost
Date
June 27
June 28
June 29
Total Cost
12
$ 8
$ 96
38
6.
342
20
11
220
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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Calculate the cost of ending inventory and the cost of goods sold under LIFO.
Cost of Ending
Inventory
Cost of Goods
Sold
LIFO
Prev
20 of 22
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%24"
Transcribed Image Text:mework Assignment i
Saved
Help
Save &
Ch
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.
Description
Purchase
Purchase
Purchase
Units
Unit Cost
Date
June 27
June 28
June 29
Total Cost
12
$ 8
$ 96
38
6.
342
20
11
220
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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Calculate the cost of ending inventory and the cost of goods sold under LIFO.
Cost of Ending
Inventory
Cost of Goods
Sold
LIFO
Prev
20 of 22
Next >
69 F Cloudy A
%24
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