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* Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round averag places, e.g. 1.25. Do not round intermediate calculations.) Gross profit $ FIFO 56300 $ Average Cost 54880

* Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round averag places, e.g. 1.25. Do not round intermediate calculations.) Gross profit $ FIFO 56300 $ Average Cost 54880

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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X Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Gross profit $ FIFO 56300 $ Average Cost 54880
Transcribed Image Text:X Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Gross profit $ FIFO 56300 $ Average Cost 54880
Swifty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of Jun Date June 1 (a) 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Units 1,580 2,320 (2,670 ) 4.700 1,620 (5,830) Unit Cost/Price $4 5 12 6 7 15 Total Cost $6,320 11,600 28,200 11,340
Transcribed Image Text:Swifty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of Jun Date June 1 (a) 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Units 1,580 2,320 (2,670 ) 4.700 1,620 (5,830) Unit Cost/Price $4 5 12 6 7 15 Total Cost $6,320 11,600 28,200 11,340
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