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Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June. Explanation Units Date June 1 Inventory Purchase Purchase 885 12 23 30 Inventory 130 Cost of the ending inventory Cost of goods sold 410 190 193 Unit Cost $5 6 7 Total Cost FIFO $650 2,460 1,330 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.) 27 LIFO $ Average-cost

Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June. Explanation Units Date June 1 Inventory Purchase Purchase 885 12 23 30 Inventory 130 Cost of the ending inventory Cost of goods sold 410 190 193 Unit Cost $5 6 7 Total Cost FIFO $650 2,460 1,330 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.) 27 LIFO $ Average-cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 Inventory Purchase Purchase Inventory 12 23 30 Explanation Units 130 Cost of the ending inventory Cost of goods sold 410 190 193 Unit Cost $5 6 7 Total Cost FIFO $650 2,460 1,330 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.) 27 LIFO $ Average-cost
Transcribed Image Text:Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 Inventory Purchase Purchase Inventory 12 23 30 Explanation Units 130 Cost of the ending inventory Cost of goods sold 410 190 193 Unit Cost $5 6 7 Total Cost FIFO $650 2,460 1,330 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.) 27 LIFO $ Average-cost
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