Wang Company reports the following for the month of June. June 1 Inventory 12 Purchase 23 PurchaseUnits Unit Cost 300 ¥500 450 600 750 700Total Cost ¥150,000 270,000 525,00030 Inventory 240Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under FIFO Method(b) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.

Wang Company reports the following for the month of June. June 1 Inventory 12 Purchase 23 PurchaseUnits Unit Cost 300 ¥500 450 600 750 700Total Cost ¥150,000 270,000 525,00030 Inventory 240Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under FIFO Method(b) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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