Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchase Purchase Inventory Cost of the ending inventory 340 Cost of goods sold 640 840 370 $ $5 $ 6 7 (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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 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.) Total Cost FIFO $1,700 3,840 5,880 $ $ LIFO $ $ Moving Average
Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchase Purchase Inventory Cost of the ending inventory 340 Cost of goods sold 640 840 370 $ $5 $ 6 7 (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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 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.) Total Cost FIFO $1,700 3,840 5,880 $ $ LIFO $ $ Moving Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Suppose that Ralph Lauren Company reports the following for the month of June.
Date
June 1
12
23
30
Explanation Units Unit Cost
Inventory
Purchase
Purchase
Inventory
Cost of the ending inventory
340
Cost of goods sold
640
840
370
$
$5
$
6
7
(a) Calculate e 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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 units on June 27 for $9. (Round
average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.)
Total Cost
FIFO
$1,700
3,840
5,880
$
$
LIFO
$
$
LA
Moving Average
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