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 112 448 Cost of goods sold 280 260 Cost of the ending inventory $ 6 $ 8 Total Cost (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g 125.) FIFO $448 2,688 2,240 $ $ LIFO $ $ 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 112 448 Cost of goods sold 280 260 Cost of the ending inventory $ 6 $ 8 Total Cost (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g 125.) FIFO $448 2,688 2,240 $ $ LIFO $ $ Average-Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sagar
Transcribed Image Text: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
LA
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
calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g.
125.)
Total Cost
FIFO
$448
2,688
2,240
LA
$
tA
$
LIFO
LA
LA
$
Average-Cost
00
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