Question
During June, the following changes in inventory took place: Date # of Units Price per unit June 1 Balance 1,200 100 June 4 Sold -720
During June, the following changes in inventory took place: Date # of Units Price per unit June 1 Balance 1,200 100 June 4 Sold -720 160 June 8 Sold -360 170 June 12 Purchased 600 110 June 23 Purchased 500 120 June 28 Sold -540 136 Assume Periodic Inventory System. Calculate the following amounts: Goods available for sale ($) Units of ending inventory FIFO Weighted Average Cost of Goods Sold for June ($) Ending Inventory on June 30 ($) The controller of Cho Ltd. has provided you with the following information relating to its inventory: Date Cost 20201231 20211231 $475,000 $524,400 Lower of cost and NRV $437,000 $494,000 Cho uses the perpetual inventory system and the direct method to adjust the value of the inventory to the lower of cost and NRV Prepare the necessary journal entries for Cho on the following dates: There are more yellow boxes given than necessary for the J/E. Leave blank the boxes that you do not need. If there is no J/E needed, leave the boxes b Dec 31, 2020 Dec 31, 2021
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