Metlock Coffee Equipment sells European-style coffee makers and uses a periodic inventory system. Its inventory records show that at June 1, Metlock had 14 units on hand at a cost of $242 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per Unit Date Transaction Units Cost Sales Price June 10 Sale 8 $548 15 Sale 5 $548 20 Purchase 6 $232 22 Purchase 4 $256 30 30 Sale 7 $516 For each of the following cost formulas, calculate the ending inventory at June 30 and the cost of goods sold for the month of June. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.25.) Ending inventory $ Cost of goods sold $ H - L FIFO +A $ Weighted Average +A $

Metlock Coffee Equipment sells European-style coffee makers and uses a periodic inventory system. Its inventory records show that at June 1, Metlock had 14 units on hand at a cost of $242 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per Unit Date Transaction Units Cost Sales Price June 10 Sale 8 $548 15 Sale 5 $548 20 Purchase 6 $232 22 Purchase 4 $256 30 30 Sale 7 $516 For each of the following cost formulas, calculate the ending inventory at June 30 and the cost of goods sold for the month of June. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.25.) Ending inventory $ Cost of goods sold $ H - L FIFO +A $ Weighted Average +A $

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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?
Oriole Company sells one product and uses a perpetual inventory system. The beginning inventory consisted of 84 units that cost $19 per unit. During the current month, the company purchased 477 units at $19 each. Sales during the month totaled 364 units for $44 each. What is the cost of goods sold using the LIFO method? $6916. $1596. $9063. $16016.
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