Pharoah Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 June 1 June 15 12 23 June 12 June 23 30 Show Transcribed Text June 27 $ $ $ Explanation Units Unit Cost Inventory $5 Purchase $ Purchase $ Inventory 5 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 5.76 5.76 6.6 120 6.6. 380 210 260 3 6 7 c Total Cost $600 2,280 1,470
Pharoah Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 June 1 June 15 12 23 June 12 June 23 30 Show Transcribed Text June 27 $ $ $ Explanation Units Unit Cost Inventory $5 Purchase $ Purchase $ Inventory 5 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 5.76 5.76 6.6 120 6.6. 380 210 260 3 6 7 c Total Cost $600 2,280 1,470
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Pharoah Company uses a perpetual inventory system and reports the following for the month of June.
Date
June 1
June 1
June 15
12
23
June 12
June 23
Show Transcribed Text
June 27
30 Inventory
$
$
Explanation Units Unit Cost
$5
$
Inventory
Purchase
$
Purchase
$
Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15
for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final
answers to 3 decimal places, eg. 5.125.)
5
5.76
5.76
6.6
120
6.6
380
210
260
3
6
7
Total Cost
$600
2,280
1,470
Transcribed Image Text:(a2)
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round
answers to O decimal places, e.g. 125.)
Cost of the ending inventory.
Cost of goods sold
$
FIFO
$
LIFO
$
$
Moving-Average
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