Suppose that Amazon uses a periodic inventory system and reports the following for the month of June:DateJune(a)122330ExplanationInventoryPurchasePurchaseInventoryUnitsEnding inventory315Cost of goods sold7351,050Your answer is incorrect.392Unit CostFIFO$789Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round averagecost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.)Total Cost$2,2055,8809,450LIFOLA$AVERAGE-COSTSUPPORT

Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Explanation Units Unit Cost Total Cost 315 $7 735 TIT 1,050 392 Date June 1 (a) Inventory 12 Purchase 23 Purchase 30 Inventory Your answer is incorrect. Ending inventory Cost of goods sold $ $ 8 Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) FIFO 9 $ $2,205 $ 5,880 9,450 LIFO $ $ AVERAGE-COST SUPPOR

Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Explanation Units Unit Cost Total Cost 315 $7 735 TIT 1,050 392 Date June 1 (a) Inventory 12 Purchase 23 Purchase 30 Inventory Your answer is incorrect. Ending inventory Cost of goods sold $ $ 8 Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) FIFO 9 $ $2,205 $ 5,880 9,450 LIFO $ $ AVERAGE-COST SUPPOR

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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