Kaleta Company reports the following for the month of June. Instructions (a) Calculate the cost of the
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Instructions
(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost low assumption, using a perpetual inventory system. Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 units on June 27 for $9.
(b) How do the results differ from E6-6 and E6-8?
(c) Why is the average unit cost not $6 [($5 + $6 + $7) ÷ 3 =$6]?
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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