Question
Eastland Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 334 $7 $2,338 June 12
Eastland Company reports the following for the month of June.
Date Explanation Units Unit Cost Total Cost June 1 Inventory 334 $7 $2,338 June 12 Purchase 501 8 4,008 June 23 Purchase 835 9 7,515 June 30 Inventory 267
Assume a sale of 668 units occurred on June 15 for a selling price of $10 and a sale of 735 units on June 27 for $11.
Calculate cost of goods available for sale.
The cost of goods available for sale $
Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. $5.250.)
June 1 $ June 12 $ June 15 $ June 23 $ June 27 $
Calculate the 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 668 units occurred on June 15 for a selling price of $10 and a sale of 735 units on June 27 for $11. (Round answers to 0 decimal places, e.g. $2,120.)
FIFO LIFO Moving-Average Cost The cost ending inventory $ $ $ The cost of goods sold $ $ $
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