Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchase Purchase Inventory Cost of the ending inventory 340 Cost of goods sold 640 840 370 $ $5 $ 6 7 (a) 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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $1,700 3,840 5,880 $ $ LIFO $ $ Moving Average

Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchase Purchase Inventory Cost of the ending inventory 340 Cost of goods sold 640 840 370 $ $5 $ 6 7 (a) 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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $1,700 3,840 5,880 $ $ LIFO $ $ Moving Average

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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