Your answer is incorrect. Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 Inventory 12 23 Explanation 30 Purchase Purchase Inventory Units 560 Cost of goods sold 860 1,060 590 Cost of the ending inventory $ Unit Cost $ $5 6 FIFO 7 Total Cost (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 930 units occurred on June 15 for a selling price of $8 and a sale of 960 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) $2,800 5,160 7,420 $ $ LIFO $ $ Moving Average

Your answer is incorrect. Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 Inventory 12 23 Explanation 30 Purchase Purchase Inventory Units 560 Cost of goods sold 860 1,060 590 Cost of the ending inventory $ Unit Cost $ $5 6 FIFO 7 Total Cost (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 930 units occurred on June 15 for a selling price of $8 and a sale of 960 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) $2,800 5,160 7,420 $ $ LIFO $ $ Moving Average

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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