Dhapa Wildhorse Company uses a periodic inventory system and reports the following for the month of June.DateJune 1(a)122330Explanation UnitsInventoryPurchasePurchaseInventoryCost of the endinginventory130Cost of goods sold370190193Unit Cost$$567Total CostCompute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)FIFO$6502,2201,330LIFO$$Average-cost

Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Wildhorse Company uses a periodic inventory system and repts the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 130 Cost of goods sold 370 190 193 $ Unit Cost $ $5 6 7 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 O decimal places, e.g. 5,125.) Total Cost FIFO $650 2,220 1,330 $ $ LIFO $ $ Average-cost

Wildhorse Company uses a periodic inventory system and repts the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 130 Cost of goods sold 370 190 193 $ Unit Cost $ $5 6 7 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 O decimal places, e.g. 5,125.) Total Cost FIFO $650 2,220 1,330 $ $ LIFO $ $ Average-cost

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Dhapa

Wildhorse Company uses a periodic inventory system and reports the following for the month of June.
Date
June 1
(a)
12
23
30
Explanation Units
Inventory
Purchase
Purchase
Inventory
Cost of the ending
inventory
130
Cost of goods sold
370
190
193
Unit Cost
$
$5
6
7
Total Cost
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, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO
$650
2,220
1,330
LIFO
$
$
Average-cost

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