Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

= Concord Limited uses a periodic inventory system. On June 24, the company sold 720 units. The following additional information is available: Unit Cost June

image text in transcribed

image text in transcribed

= Concord Limited uses a periodic inventory system. On June 24, the company sold 720 units. The following additional information is available: Unit Cost June 1 inventory June 15 purchase June 23 purchase Units 240 480 480 1,200 $11 14 17 Total Cost $2,640 6,720 8,160 $17,520 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, eg. 5.27 and final answers to O decimal places, eg. 5,275.) Ending inventory $ Cost of goods sold $ Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula. Type here to search Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula Ending inventory $ Cost of goods sold $ Assume that 240 units sold on June 24 had a unit cost of $11; 380 had a unit cost of $14; and the remaining 100 units had a unit cost of $17. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method. Ending inventory $ Cost of goods sold $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions