Brief Exercise 8-17 (Part Level Submission)

Culver Limited uses a periodic inventory system. On June 24, the company sold 730 units. The following additional information is available:

		Units			Unit Cost			Total Cost
June 1 inventory		270			$11			$2,970
June 15 purchase		460			14			6,440
June 23 purchase		470			17			7,990
		1,200						$17,400

(a)

	Your answer is correct.

Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)

Ending inventory		$
Cost of goods sold		$

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(b)

	Your answer is incorrect. Try again.

Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.

Ending inventory		$
Cost of goods sold		$