FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round answers to 0 decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ +A $ LIFO $ $ Moving-Average
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Transcribed Image Text:Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round answers to 0 decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ +A $ LIFO $ $ Moving-Average
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 Purchase 30 23 Purchase Explanation Units Unit Cost June 1 Inventory June 12 June 15 June 23 Inventory Your answer is correct. $ $ LA 140 LA 360 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) June 27 $ 220 270 5.72 5.72 6.6 $5 6.6 Total Cost $700 2,160 1,540
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Transcribed Image Text:Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 Purchase 30 23 Purchase Explanation Units Unit Cost June 1 Inventory June 12 June 15 June 23 Inventory Your answer is correct. $ $ LA 140 LA 360 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) June 27 $ 220 270 5.72 5.72 6.6 $5 6.6 Total Cost $700 2,160 1,540
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Step 1: Introduction
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Step 2: Computation of the cost of the ending inventory and the cost of goods sold using the moving average
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Step 3: Computation of the cost of the ending inventory and the cost of goods sold using the FIFO method:
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Step 4: Computation of the cost of the ending inventory and the cost of goods sold using the LIFO method:
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