Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June (a) 1 Beginning inventory 12 15 16 23 Explanation 27 Purchases Sale Purchases Purchases Sale Cost of goods sold $ Ending inventory $ Units FIFO 1,390 2,520 (2,550) 4,630 1,370 (5,890) Unit Cost/Price $6 7 12 $ 8 9 15 Total Cost $8,340 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 17,640 37,040 12,330 Average Cost
Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June (a) 1 Beginning inventory 12 15 16 23 Explanation 27 Purchases Sale Purchases Purchases Sale Cost of goods sold $ Ending inventory $ Units FIFO 1,390 2,520 (2,550) 4,630 1,370 (5,890) Unit Cost/Price $6 7 12 $ 8 9 15 Total Cost $8,340 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.) 17,640 37,040 12,330 Average Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Concord Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:
Date
(a)
June 1 Beginning inventory
12
15
16
23
27
Explanation
Purchases
Sale
Purchases
Purchases
Sale
Cost of goods sold $
Ending inventory
$
Units
FIFO
1,390
2,520
(2,550)
4,630
1,370
(5,890)
Unit
Cost/Price
LA
$6
$
7
12
8
Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) average cost. (Round average cost
per unit and final answers to 2 decimal places, e.g. 1.25 or 5,275.25.)
9
15
Total Cost
$8,340
17,640
37,040
12,330
Average Cost
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