Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $4 $2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the 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 1,050 units occurred on June 15 for a selling price of $ 8 and a sale of 1,080 units on June 27 for $ 9. (Round average cost per unit to 3 decimal places, eg. 5.254 and final answers to 0 decimal places, eg. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ Cost of goods sold $ %24 %24 %24 %24 %24
Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $4 $2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the 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 1,050 units occurred on June 15 for a selling price of $ 8 and a sale of 1,080 units on June 27 for $ 9. (Round average cost per unit to 3 decimal places, eg. 5.254 and final answers to 0 decimal places, eg. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ Cost of goods sold $ %24 %24 %24 %24 %24
Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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Question
![Lisa Company reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
680
$ 4
$ 2,720
12
Purchase
980
6
5,880
23
Purchase
1,180
8
9,440
30
Inventory
680
Calculate the 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 1,050 units occurred on June 15 for a selling price of $8 and a sale of 1,080 units on June 27 for $9. (Round
average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.)
FIFO
LIFO
Moving Average
Cost of the ending inventory
2$
$
2$
Cost of goods sold
$
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7a8a487-8e45-47e7-bcd7-73bde83a88f6%2F2bb31d29-f495-4fd5-9b54-60df162cca3b%2Futip3am_processed.png&w=3840&q=75)
Transcribed Image Text:Lisa Company reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
680
$ 4
$ 2,720
12
Purchase
980
6
5,880
23
Purchase
1,180
8
9,440
30
Inventory
680
Calculate the 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 1,050 units occurred on June 15 for a selling price of $8 and a sale of 1,080 units on June 27 for $9. (Round
average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.)
FIFO
LIFO
Moving Average
Cost of the ending inventory
2$
$
2$
Cost of goods sold
$
$
$
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