Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cheyenne Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Determine the cost of goods sold and
Cheyenne Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:
Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average cost per unit and answers to 2 decimal places, e.g. 1.25.) Cost of goods sold:
Cost of ending inventory |
---|
:
Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.)
Date Total Cost $7,500 12,600 June 1 12 15 16 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Unit Cost/Price $5 6 12 7 Units 1,500 2,100 (2,670) 4,870 1,590 (5,700) 34,090 12,720 23 8 15 27Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started