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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

FINANCIAL ACCOUNTING
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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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
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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