Mukh Don't upload any image please Sarasota Corp. uses a periodic inventory system and reports the following for the month of June.DateJune 1(a)122330Explanation Units Unit CostInventory$4PurchasesPurchasesInventory86344The cost of goods sold215195The cost of the ending inventory68Total Cost$344Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes,round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.)FIFO2,0641,720LIFO+A+AAverage-Cost

Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Sarasota Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory Purchases Purchases Inventory 86 344 The cost of goods sold 215 195 Unit Cost The cost of the ending inventory $ $4 $ 6 8 Total Cost $344 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) 2,064 FIFO 1,720 $ $ LIFO $ $ Average-Cost

Sarasota Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory Purchases Purchases Inventory 86 344 The cost of goods sold 215 195 Unit Cost The cost of the ending inventory $ $4 $ 6 8 Total Cost $344 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) 2,064 FIFO 1,720 $ $ LIFO $ $ 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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