Pharoah Company uses a periodic inventory system and reports the following for the month of June.DateJune 1122330Explanation Units Unit CostInventory$4PurchasePurchaseInventoryCost of the ending inventory112Cost of goods sold4482802606$8(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculationpurposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.)Total CostFIFO$4482,6882,240$GA$LIFO$GA$LAAverage-Cost

Name: Pharoah Company uses a periodic inventory system and reports the foll
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Description: Pharoah Company uses a periodic inventory system and reports the following for the month of June.DateJune 1122330Explanation Units Unit CostInventory$4PurchasePurchaseInventoryCost of the ending inventory112Cost of goods sold4482802606$8(a) Compute

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Pharoah Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory Cost of the ending inventory 112 Cost of goods sold 448 280 260 $ 6 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculatio purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) $ 8 Total Cost FIFO $448 2,688 2,240 LIFO GA $ $ LA Average-Cost

Pharoah Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory Cost of the ending inventory 112 Cost of goods sold 448 280 260 $ 6 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculatio purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) $ 8 Total Cost FIFO $448 2,688 2,240 LIFO GA $ $ LA Average-Cost

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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