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Cheng Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Cheng Company sold and delivered
Cheng Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Cheng Company sold and delivered 50 units on June 30. Date June 27 Description Units Unit Cost Total Cost Purchase 15 June 28 Purchase 39 $ 8.20 9.20 $ 123.00 358.80 June 29 Purchase 21 11.20 235.20 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. (Do not round intermediate values. Round your "Cost of Goods Available for Sale" answer to 2 decimal places.) Number of Goods Available for Sale Cost of Goods Available for Sale units
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