Suppose that Ralph Lauren Company reports the following for the month of June. Unit Date Explanation Units Cost Total Cost June 1 Inventory 520 $5 $2,600 12 Purchase 820 6 4,920 23 Purchase 1,020 7 7,140 30 Inventory 550 (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 890 units occurred on June 15 for a selling price of $8 and a sale of 920 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 LIFO Moving Average Cost of :he ending nventory Cost of goods sold EA +A 3850 10810 EA +A 2780 EA +A 3409 10836

Suppose that Ralph Lauren Company reports the following for the month of June. Unit Date Explanation Units Cost Total Cost June 1 Inventory 520 $5 $2,600 12 Purchase 820 6 4,920 23 Purchase 1,020 7 7,140 30 Inventory 550 (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 890 units occurred on June 15 for a selling price of $8 and a sale of 920 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 LIFO Moving Average Cost of :he ending nventory Cost of goods sold EA +A 3850 10810 EA +A 2780 EA +A 3409 10836

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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