Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round...
View the step-by-step solution to:

Question

ily Company reports the following for the month of June.

/>

Date Explanation Units Unit Cost Total Cost

June 1 Inventory 150 $10 $1,500

12 Purchase 450 11 4,950

23 Purchase 400 12 4,800

30 Inventory 80

Assume a sale of 500 units occurred on June 15 for a selling price of $13 and a sale of 420 units on June 27 for $14.


Calculate cost of goods available for sale.


The cost of goods available for sale $?


Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)


June 1 $

June 12 $

June 15 $

June 23 $

June 27 $


Screen Shot 2019-12-11 at 11.47.20 AM.png

Screen Shot 2019-12-11 at 11.47.20 AM.png

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final
answer to 0 decimal places, e.g. 1,250.)
FIFO
LIFO
Moving-Average Cost
The cost ending inventory $
$
The cost of goods sold
$
$
Click if you would like to Show Work for this question: Open Show Work

Top Answer

COGS in each Case is - FIFO - $10290 LIFO -... View the full answer

1.png

FIFO Method
Date
Particulars
Purchase
Sales
Balance
COGS
Units
Unit Cost Total Cost Units Unit Cost Total Cost Units
Unit Cost Total Cost
Units
Unit Cost Total Cost
Jun-01 Opening Bal < 150
<...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question