Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Date June 1 (a) 12 23 Explanation Inventory Purchase Purchase 30 Inventory Ending inventory Cost of goods sold $ Units $ 270 630 900 336 Unit Cost FIFO $3 4 5 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 O decimal places, e.g. 2,520.) Total Cost 2,520 $810 4,500 $ tA $ LIFO $ $ AVERAGE-COST

Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Date June 1 (a) 12 23 Explanation Inventory Purchase Purchase 30 Inventory Ending inventory Cost of goods sold $ Units $ 270 630 900 336 Unit Cost FIFO $3 4 5 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 O decimal places, e.g. 2,520.) Total Cost 2,520 $810 4,500 $ tA $ LIFO $ $ AVERAGE-COST

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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Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000
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