Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Unit Date June 1 Inventory (beg.) June 3 Purchases Units Cost 300 $8.00 600 8.40 June 7 Sales (at $16 per unit) 420 June 20 Purchases 408 9.00 June 22 Sales (at $16 per unit) 660 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? •Note: Do not use negative signs with any of your answers. •Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.
Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Unit Date June 1 Inventory (beg.) June 3 Purchases Units Cost 300 $8.00 600 8.40 June 7 Sales (at $16 per unit) 420 June 20 Purchases 408 9.00 June 22 Sales (at $16 per unit) 660 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? •Note: Do not use negative signs with any of your answers. •Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 6PB: Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost...
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Question
![Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system.
Unit
Date
Units Cost
June 1 Inventory (beg.)
300 $8.00
June 3
Purchases
600 8.40
June 7
Sales (at $16 per unit)
420
June 20 Purchases
408 9.00
June 22 Sales (at $16 per unit) 660
What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method?
•Note: Do not use negative signs with any of your answers.
•Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.
Purchases
Unit
Date
June 1
Units
Cost
Total
Cost
Cost of Sales
Unit
Total
Inventory Balance
Unit
Total
Units
Cost
Cost
Units
Cost
Cost
300
$8.00
$2,400
June 3
600
$
8.4 $
5,040
300
$
8
S
2,400
600 $
8.4 $
5,040
June 7
300
$
8
$
2,400
120 $
8.4
$
1,008
408 * $
8.4
$
3,427
June 201
408
$
9 ✓
3,672
0 * $
0 x $
0
0 x $
0 x $
0
June 22
0 x $
0 x $
0
0 x $
0 x $
0
0 x $
0 x $
°
a. Ending Inventory
$
5,964 x
b. Cost of goods sold $
0x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9555b70-3527-418e-bd05-852cc515d97d%2F4b6a2dc3-1cca-471f-bc74-ffe8ea355424%2Fa2jpt49_processed.png&w=3840&q=75)
Transcribed Image Text:Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system.
Unit
Date
Units Cost
June 1 Inventory (beg.)
300 $8.00
June 3
Purchases
600 8.40
June 7
Sales (at $16 per unit)
420
June 20 Purchases
408 9.00
June 22 Sales (at $16 per unit) 660
What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method?
•Note: Do not use negative signs with any of your answers.
•Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.
Purchases
Unit
Date
June 1
Units
Cost
Total
Cost
Cost of Sales
Unit
Total
Inventory Balance
Unit
Total
Units
Cost
Cost
Units
Cost
Cost
300
$8.00
$2,400
June 3
600
$
8.4 $
5,040
300
$
8
S
2,400
600 $
8.4 $
5,040
June 7
300
$
8
$
2,400
120 $
8.4
$
1,008
408 * $
8.4
$
3,427
June 201
408
$
9 ✓
3,672
0 * $
0 x $
0
0 x $
0 x $
0
June 22
0 x $
0 x $
0
0 x $
0 x $
0
0 x $
0 x $
°
a. Ending Inventory
$
5,964 x
b. Cost of goods sold $
0x
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