Question
Culver Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory
Culver Corporation uses a perpetual inventory system reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 140 | $6 | $840 | ||||
12 | Purchases | 360 | 7 | 2,520 | ||||
23 | Purchases | 230 | 8 | 1,840 | ||||
30 | Inventory | 245 |
Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $9 and a sale of 55 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.)
June 1 | $ | |
---|---|---|
June 12 | $ | |
June 15 | $ | |
June 23 | $ | |
June 27 | $ |
Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $9 and a sale of 55 units on June 27 for $10. (Round answers to 0 decimal places, e.g. 125.)
FIFO | LIFO | Moving-Average | ||||
---|---|---|---|---|---|---|
The Cost of Ending Inventory
| $. | $. | $. | |||
The Cost of Goods Sold | $. | $ | $ |
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