Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory 240 540 Cost of goods sold 740 270 Cost of the ending inventory $ Unit Cost $4 6 8 Total Cost FIFO $960 (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 610 units occurred on June 15 for a selling price of $8 and a sale of 640 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.) 3,240 5,920 $ $ LIFO $ $ Moving Average

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Suppose that Ralph Lauren Company reports the following for the month of June.
Date
June 1
12
23
30
Explanation Units Unit Cost
Inventory
$4
Purchase
Purchase
Inventory
Cost of the ending inventory
240
Cost of goods sold
540
740
270
$
6
$
8
(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 610 units occurred on June 15 for a selling price of $8 and a sale of 640 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
$960
3,240
5,920
$
$
LIFO
$
$
Moving Average
Transcribed Image Text:Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory Cost of the ending inventory 240 Cost of goods sold 540 740 270 $ 6 $ 8 (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 610 units occurred on June 15 for a selling price of $8 and a sale of 640 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 $960 3,240 5,920 $ $ LIFO $ $ Moving Average
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