The Salman company has provided the following information about beginning balance and purchases or direct material for the month of June, 2017 June 01: Beginning balance; 800 units @ $20 per unit. June 05: Purchases; 1200 units @ $22 per unit. June 09: Purchases; 1600 units @ $24 per unit. June 11: Purchases; 400 units @ $25 per unit. June 15 Purchases 3,600 units ("@ $11.20 per units. June 1 7: Purchases; 4,000 units @ $13.50 per units. June 21: Purchases; 5,000 units @ $10.80 per units. June 27: Purchases; 2,000 units @ $10.20 per units. At the end of the June 2017, the company makes a physical measure of material and finds that 13,100 units of material were sold with the description that 10,000 units @ $30 per unit and the remaining were sold @ $34 per unit with 10% discount on each. Compute inventory on June 301h, 2017, cost of goods sold for the month of June and determine the gross profit using following inventory costing methods: First in, first out (FIFO) method Last in, first out (LIFO) method Average cost method

The Salman company has provided the following information about beginning balance and purchases or direct material for the month of June, 2017 June 01: Beginning balance; 800 units @ $20 per unit. June 05: Purchases; 1200 units @ $22 per unit. June 09: Purchases; 1600 units @ $24 per unit. June 11: Purchases; 400 units @ $25 per unit. June 15 Purchases 3,600 units ("@ $11.20 per units. June 1 7: Purchases; 4,000 units @ $13.50 per units. June 21: Purchases; 5,000 units @ $10.80 per units. June 27: Purchases; 2,000 units @ $10.20 per units. At the end of the June 2017, the company makes a physical measure of material and finds that 13,100 units of material were sold with the description that 10,000 units @ $30 per unit and the remaining were sold @ $34 per unit with 10% discount on each. Compute inventory on June 301h, 2017, cost of goods sold for the month of June and determine the gross profit using following inventory costing methods: First in, first out (FIFO) method Last in, first out (LIFO) method Average cost method

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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