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Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Explanation Units Unit Cost Inventory 122 $4 Purchases Purchases Inventory Date June 1 (a) 12 23 30 The cost of the ending inventory The cost of goods sold 488 eTextbook and Media 305 285 6 8 Total Cost $488 2.928 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) 2,440 FIFO 13908 3576 LIFO 2200 3058 S Average-Cost 1834 32512

Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Explanation Units Unit Cost Inventory 122 $4 Purchases Purchases Inventory Date June 1 (a) 12 23 30 The cost of the ending inventory The cost of goods sold 488 eTextbook and Media 305 285 6 8 Total Cost $488 2.928 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) 2,440 FIFO 13908 3576 LIFO 2200 3058 S Average-Cost 1834 32512

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Unit Cost 122 $4 Inventory Purchases Purchases Inventory The cost of the ending inventory The cost of goods sold 488 eTextbook and Media. 305 285 6 $ 8 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) Total Cost $488 2.928 2,440 FIFO 13908 3576 $ $ LIFO 2280 3058 $ $ Average-Cost 1824 32512 SI
Transcribed Image Text:Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Units Unit Cost 122 $4 Inventory Purchases Purchases Inventory The cost of the ending inventory The cost of goods sold 488 eTextbook and Media. 305 285 6 $ 8 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) Total Cost $488 2.928 2,440 FIFO 13908 3576 $ $ LIFO 2280 3058 $ $ Average-Cost 1824 32512 SI
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