Monty Corp. uses a periodic inventory system and reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   130   $5   $ 650 12   Purchases   370   6   2,220 23   Purchases   220   7   1,540 30   Inventory   250             Calculate weighted-average unit cost.   Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   Average-cost The cost of the ending inventory   $enter a dollar amount   $enter a dollar amount   $enter a dollar amount The cost of goods sold

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Monty Corp. uses a periodic inventory system and reports the following for the month of June.

Date
 
Explanation
 
Units
 
Unit Cost
 
Total Cost
June 1
 
Inventory
 
130
 
$5
  $ 650
12
 
Purchases
 
370
 
6
  2,220
23
 
Purchases
 
220
 
7
  1,540
30
 
Inventory
  250        
 
 
Calculate weighted-average unit cost.
 
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)

   
FIFO
 
LIFO
 
Average-cost
The cost of the ending inventory
  $enter a dollar amount   $enter a dollar amount   $enter a dollar amount
The cost of goods sold
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