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A company just starting business made the following four inventory purchases in June: Date Number of Units Total Cost June 1 200 $1,650 June
A company just starting business made the following four inventory purchases in June: Date Number of Units Total Cost June 1 200 $1,650 June 10 150 $1,050 June 15 100 $900 On June 13, the company sold 275 units to a customer for sales revenue of $3,500. The company uses a periodic inventory system. If the company follows the average cost method, calculate the following: A. The cost of goods sold for June (nearest dollar) is (dollar amount without dollar sign ($) or comma, e.g. 15000) would be B. Ending inventory for June (nearest dollar) is (dollar amount without dollar sign ($) or comma, e.g. 15000) would be C. At year end, the inventory has a NRV of $6.40 per unit. When you apply LCNRV to ending inventory, you would mark down inventory by how much? (dollar amount without dollar sign ($) or comma, e.g. 15000)
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