A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 $5.00 June 9 June 16 June 26 100 units 150 units 100 units 150 units $500 825 5.50 600 6.00 975 6.50 $2,900 On June 19th the Company sold 300 units at a price of $12 each. Use the above information for parts a, b, and c. a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK c.Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 $5.00 June 9 June 16 June 26 100 units 150 units 100 units 150 units $500 825 5.50 600 6.00 975 6.50 $2,900 On June 19th the Company sold 300 units at a price of $12 each. Use the above information for parts a, b, and c. a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK c.Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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