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Swifty Limited uses a periodic inventory systemOn June 24, the company sold 900 unitsThe following additional information available Total Unit Cost Units Cost June 1 inventory 300$12 $3,600 June purchase 600 16 9,600 June 23 purchase 600 18 10,800 1,500 $24,000 (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula Round weighted average cost per unit to 2 decimal 5.27 and final answers to decimal places) Ending inventory Cost of goods sold eTextbook and Media Attempts: of 3 used (b) Calculate the June 30 inventory and the June cost of goods soldusing the FIFO formula Ending inventory of goods sold. (c) Assume that 300 units sold on June 24 had a unit cost of $ 12500 had a unit cost of $ 16and the remaining 100 units had a uni cost of $18. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.

Swifty Limited uses a periodic inventory systemOn June 24, the company sold 900 unitsThe following additional information available Total Unit Cost Units Cost June 1 inventory 300$12 $3,600 June purchase 600 16 9,600 June 23 purchase 600 18 10,800 1,500 $24,000 (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula Round weighted average cost per unit to 2 decimal 5.27 and final answers to decimal places) Ending inventory Cost of goods sold eTextbook and Media Attempts: of 3 used (b) Calculate the June 30 inventory and the June cost of goods soldusing the FIFO formula Ending inventory of goods sold. (c) Assume that 300 units sold on June 24 had a unit cost of $ 12500 had a unit cost of $ 16and the remaining 100 units had a uni cost of $18. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.

FINANCIAL ACCOUNTING
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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Swifty Limited uses a periodic inventory systemOn June 24, the company sold 900 unitsThe following additional information available Total Unit Cost Units Cost June 1 inventory 300$12 $3,600 June purchase 600 16 9,600 June 23 purchase 600 18 10,800 1,500 $24,000 (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formulaRound weighted average cost per unit to 2 decimal 5.27 and final answers to decimal places) Ending inventory Cost of goods sold eTextbook and Media Attempts: of 3 used (b) Calculate the June 30 inventory and the June cost of goods soldusing the FIFO formula Ending inventory of goods sold. (c) Assume that 300 units sold on June 24 had a unit cost of $ 12500 had a unit cost of $ 16and the remaining 100 units had a uni cost of $18. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
Transcribed Image Text:Swifty Limited uses a periodic inventory systemOn June 24, the company sold 900 unitsThe following additional information available Total Unit Cost Units Cost June 1 inventory 300$12 $3,600 June purchase 600 16 9,600 June 23 purchase 600 18 10,800 1,500 $24,000 (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formulaRound weighted average cost per unit to 2 decimal 5.27 and final answers to decimal places) Ending inventory Cost of goods sold eTextbook and Media Attempts: of 3 used (b) Calculate the June 30 inventory and the June cost of goods soldusing the FIFO formula Ending inventory of goods sold. (c) Assume that 300 units sold on June 24 had a unit cost of $ 12500 had a unit cost of $ 16and the remaining 100 units had a uni cost of $18. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
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