Suppose that Ralph Lauren Company r Date Explanation Uni June 1 Inventory 500 12 Purchase 800 23 Purchase 1,00C 30 Inventory 53C (a) Calculate the cost of the ending inv system. Assume a sale of 870 units occ average cost per unit to 3 decimal places SA Cost of the ending inventory $ Cost of goods sold SA

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Chapter1: Financial Statements And Business Decisions
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Suppose that Ralph Lauren Company reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
500
$5
$2,500
12
Purchase
800
6
4,800
23
Purchase
1,000
7
7,000
30
Inventory
530
(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. Assume a sale of 870 units occurred on June 15 for a selling price of $8 and a sale of 900 units on June 27 for $9. (Round
average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.)
FIFO
Cost of the ending inventory
$
Cost of goods sold
$
LIFO
Moving Average
$
$
$
$
Transcribed Image Text:Suppose that Ralph Lauren Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 500 $5 $2,500 12 Purchase 800 6 4,800 23 Purchase 1,000 7 7,000 30 Inventory 530 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 870 units occurred on June 15 for a selling price of $8 and a sale of 900 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) FIFO Cost of the ending inventory $ Cost of goods sold $ LIFO Moving Average $ $ $ $
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