Question 5 Starshine Coffee Equipment sells European style coffee makers and uses a perpetual inventory system. Its inventory records show that on June 1, Starshine had 12 units on hand at a cost of $220 each. Transactions related to purchase and sale of coffee makers in June were as follows: Date June 10 June 15 June 20 June 22 June 30 Transaction Average Sale Sale 3 4 Purchase 5 Purchase 6 Sale 10 Per unit Units Cost $230 $240 Sales price $510 $510 $500 Instructions For each of the following cost formulas, calculate the ending inventory as at June 30 and the cost of goods sold for the month of June. Prove the cost of goods sold calculations. a. FIFO h

Question 5 Starshine Coffee Equipment sells European style coffee makers and uses a perpetual inventory system. Its inventory records show that on June 1, Starshine had 12 units on hand at a cost of $220 each. Transactions related to purchase and sale of coffee makers in June were as follows: Date June 10 June 15 June 20 June 22 June 30 Transaction Average Sale Sale 3 4 Purchase 5 Purchase 6 Sale 10 Per unit Units Cost $230 $240 Sales price $510 $510 $500 Instructions For each of the following cost formulas, calculate the ending inventory as at June 30 and the cost of goods sold for the month of June. Prove the cost of goods sold calculations. a. FIFO h

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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