Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 Explanation Units Unit Cost Inventory Purchase June 1 Purchase Inventory 140 360 220 Your answer is correct. 270 June 27 $ $ June 12 $ 5.72 HP June 15 $ 5.72 June 23 $ 5 $5 6.6 6 6.6 7 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.) Total Cost $700 2,160 1,540
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 Explanation Units Unit Cost Inventory Purchase June 1 Purchase Inventory 140 360 220 Your answer is correct. 270 June 27 $ $ June 12 $ 5.72 HP June 15 $ 5.72 June 23 $ 5 $5 6.6 6 6.6 7 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.) Total Cost $700 2,160 1,540
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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