-/ 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

-/ 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

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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