FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory data for Larkspur Company are reported as follows: Date June 1 12 23 Beginning inventory Purchase Explanation Purchase Ending inventory Cost of goods sold $ Number of Units $ LA 440 640 540 Unit Cost $5 Assume a sale of 680 units occurred on June 15 for a selling price of $8 and a sale of 600 units on June 27 for $9. On June 30, 340 units remain in inventory. Weighted Average 6 Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.271 and final answers to 2 decimal places, e.g. 5,275.75.) 7 Total Cost $2,200 3,840 3,780
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Transcribed Image Text:Inventory data for Larkspur Company are reported as follows: Date June 1 12 23 Beginning inventory Purchase Explanation Purchase Ending inventory Cost of goods sold $ Number of Units $ LA 440 640 540 Unit Cost $5 Assume a sale of 680 units occurred on June 15 for a selling price of $8 and a sale of 600 units on June 27 for $9. On June 30, 340 units remain in inventory. Weighted Average 6 Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.271 and final answers to 2 decimal places, e.g. 5,275.75.) 7 Total Cost $2,200 3,840 3,780
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