Suppose that Amazon uses a period inventory system and reports the following for the month of June Explanation Units Unit Cost Inventory 180 Purchase 420 Purchase Inventory Date June 1 (a) 12 23 30 Ending inventory 600 224 Cost of goods sold $7 8 FIFO 9 Total Cost Compute the cost of the ending inventory and the cost of goods sold under [ FIFO (2) LIFO and (3) average-cost Round everage cost per unit to 2 decimal places, eg 5.25 and final onwers to 0 decimal places, eg 2.520) $1,260 3360 5,400 LIFO AVERAGE-COST
Suppose that Amazon uses a period inventory system and reports the following for the month of June Explanation Units Unit Cost Inventory 180 Purchase 420 Purchase Inventory Date June 1 (a) 12 23 30 Ending inventory 600 224 Cost of goods sold $7 8 FIFO 9 Total Cost Compute the cost of the ending inventory and the cost of goods sold under [ FIFO (2) LIFO and (3) average-cost Round everage cost per unit to 2 decimal places, eg 5.25 and final onwers to 0 decimal places, eg 2.520) $1,260 3360 5,400 LIFO AVERAGE-COST
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Suppose that Amazon uses a period inventory system and reports the following for the month of June
Explanation Units Unit Cost
Inventory
180
Purchase
Purchase
Inventory
Date
June 1
a
12
23
30
Ending inventory
Cost of goods sold
$
420
600
$
224
Compute the cost of the ending inventory and the cost of goods sold under (FIFO (2) LIFO, and (3) average-cost. (Round average
cost per unit to 2 decimal places, eg 5.25 and final answers to O decimal places, eg.2.520)
$7
FIFO
8
9
Total Cost
$1,260
3.360
5,400
LIFO
AVERAGE-COST
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