FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 3 of 6
Pearl Industries uses a periodic inventory system and reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
130
$4
$ 520
12
Purchases
520
6
3,120
23
Purchases
325
2,600
30
Inventory
305
(a)
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 0 decimal places, e.g. 125.)
FIFO
LIFO
Average-Cost
The cost of the ending
inventory
The cost of goods sold
!!!
%24
%24
%24
%24
%24
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Transcribed Image Text:-/ 1 Question 3 of 6 Pearl Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $ 520 12 Purchases 520 6 3,120 23 Purchases 325 2,600 30 Inventory 305 (a) 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 0 decimal places, e.g. 125.) FIFO LIFO Average-Cost The cost of the ending inventory The cost of goods sold !!! %24 %24 %24 %24 %24
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