Question
A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 100 units $500 $5.00 June
A Company just starting business made the following four inventory purchases in June:
Units Total Cost Unit Cost
June 1 100 units $500 $5.00
June 9 150 units 825 5.50
June 16 100 units 600 6.00
June 26 150 units 975 6.50
$2,900
On June 19th the Company sold 300 units at a price of $12 each.
Use the above information for parts a, b, and c.
a. Use the LIFO, Last in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
b. Use the FIFO, First in First Out, inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
c. Use the weighted average inventory flow and perpetual inventory method to value the ending inventory on June 30. SHOW YOUR WORK
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The Corporate Culture Audit
Authors: Nigel Bristow, Sarah J. Sandberg
1st Edition
095597075X, 978-0955970757
