Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost 12 50 38 42 Total Cost $139.20 630.00 554.80 June 1 Beginning 11 Purchase 24 Purchase 30 Ending $11.60 12.60 14.60 Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.)

Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost 12 50 38 42 Total Cost $139.20 630.00 554.80 June 1 Beginning 11 Purchase 24 Purchase 30 Ending $11.60 12.60 14.60 Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.)

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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