Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 Inventory 12 Explanation Units 23 30 Purchase Purchase Inventory 420 720 920 450 Unit Cost $5 6 7 Total Cost $2,100 4,320 6,440 (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 790 units occurred on June 15 for a selling price of $8 and a sale of 820 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.)

Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 Inventory 12 Explanation Units 23 30 Purchase Purchase Inventory 420 720 920 450 Unit Cost $5 6 7 Total Cost $2,100 4,320 6,440 (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 790 units occurred on June 15 for a selling price of $8 and a sale of 820 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.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...

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