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: Per unit Date Transaction Units Cost Sales price June 10 Sale 3 $510 June 15 Sale 4 $510 June 20 Purchase 5 $230 June 22 Purchase 6 $240 June 30 Sale 10 $500 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 (Use Average method)

The objective of the question is to calculate the ending inventory as at June 30 and the cost of…

Answered: Starshine Coffee Equipment sells…

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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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:

			Per unit
Date	Transaction	Units	Cost	Sales price
June 10	Sale	3		$510
June 15	Sale	4		$510
June 20	Purchase	5	$230
June 22	Purchase	6	$240
June 30	Sale	10		$500

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 (Use Average method)

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