Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:DateJune 1(a)12151623ExplanationBeginning inventoryPurchasesSalePurchasesPurchases27 SalesCost of goods sold$UnitsCost of ending inventory $1,6002,400(2,640 )4,6801,520(5,940 )Unit Cost/PriceFIFO$451267515Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not roundintermediate calculations. Round cost of goods sold answers to O decimla places, e.g. 125 and average cost answers to 2 decimal1.25.)$Total Cost$6,400$12,00028,08010,640Average

Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June Date June 1 (a) 12 15 16 23 Explanation Beginning inventory Purchases Sale Purchases Purchases 27 Sales Cost of goods sold Units Cost of ending inventory $ 1,600 2,400 (2,640 ) 4,680 1,520 (5,940 ) Unit Cost/Price FIFO $4 5 12 6 7 15 $ Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations. Round cost of goods sold answers to O decimla places, e.g. 125 and average cost answers to 2 decima 1.25.) +A Total Cost $ $6,400 12,000 28,080 10,640 Average

Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June Date June 1 (a) 12 15 16 23 Explanation Beginning inventory Purchases Sale Purchases Purchases 27 Sales Cost of goods sold Units Cost of ending inventory $ 1,600 2,400 (2,640 ) 4,680 1,520 (5,940 ) Unit Cost/Price FIFO $4 5 12 6 7 15 $ Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations. Round cost of goods sold answers to O decimla places, e.g. 125 and average cost answers to 2 decima 1.25.) +A Total Cost $ $6,400 12,000 28,080 10,640 Average

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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