Larkspur, Inc 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 $5 $ 650 12 Purchase 340 6 2,040 23 Purchase 200 7 1,400 30 Inventory 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, eg. 5,125.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
$5
$ 650
June 1
Inventory
130
12
Purchase
340
6
2,040
23
Purchase
200
7
1,400
30
Inventory
203
(a)
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to
3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.)
FIFO
LIFO
Average-cost
Cost of the ending
2$
$
2$
inventory
Cost of goods sold
$
Transcribed Image Text:Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost $5 $ 650 June 1 Inventory 130 12 Purchase 340 6 2,040 23 Purchase 200 7 1,400 30 Inventory 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO LIFO Average-cost Cost of the ending 2$ $ 2$ inventory Cost of goods sold $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education