Pina Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date June 1 12 16 23 Explanation Beginning inventory Purchases Purchases Purchases Units 1,350 2,360 4,410 1,550 Units Cost FIFO $6 47 8 9 Total Cost $8,100 16,520 35.280 13,950 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, eg. 15.25. Round unit cost to 6 decimal places. e.g. 15.243876.) Average
Pina Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date June 1 12 16 23 Explanation Beginning inventory Purchases Purchases Purchases Units 1,350 2,360 4,410 1,550 Units Cost FIFO $6 47 8 9 Total Cost $8,100 16,520 35.280 13,950 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, eg. 15.25. Round unit cost to 6 decimal places. e.g. 15.243876.) Average
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Pina Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count
determined that 1,600 units were on hand at the end of the month,
Date
June 1
12
16
23
Explanation
Beginning inventory
Purchases
Purchases
Purchases
Units
1,350
2,360
4,410
1,550
Units Cost
FIFO
$6
47
8
9
Total Cost
$8,100
16,520
35,280
13,950
Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to the
nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, eg. 15.25. Round unit cost to 6 decimal places. e.g. 15.243876.)
Average
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