Question
Humphries Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5 $1 000 12
Humphries Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5 $1 000 12 Purchase 300 6 1 800 23 Purchase 500 7 3 500 30 Inventory 160 Instructions Assume a sale of 400 units occurred on 15 June for a selling price of $8 and a sale of 440 units on 27 June for $9. Assume that a perpetual inventory system is used. Using FIFO, calculate: (a) the cost of the ending inventory $ (b) the cost of sales $ Using LIFO, calculate: (c) the cost of the ending inventory $ (d) the cost of sales $ Using MOVING-AVERAGE COST, calculate: (round your answer to the nearest dollar)* (e) the cost of the ending inventory $ (f) the cost of sales $ * In your computation, round average per unit cost to the nearest tenth of a cent (three digits after the decimal)
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