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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 O decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ $ LIFO $ $ Moving-Average

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 O decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold $ $ FIFO $ $ LIFO $ $ Moving-Average

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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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 $ $ LIFO $ $ Moving-Average
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 $ $ LIFO $ $ Moving-Average
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase June 27 Purchase Inventory Your answer is correct. $ $ $ 140 $ 360 $ 220 270 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.) Unit Cost 5 5.72 5.72 6.6 $5 6.6 6 7 Total Cost $700 2,160 1,540
Transcribed Image Text:Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase June 27 Purchase Inventory Your answer is correct. $ $ $ 140 $ 360 $ 220 270 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.) Unit Cost 5 5.72 5.72 6.6 $5 6.6 6 7 Total Cost $700 2,160 1,540
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