Question
Inventory data for Concord Company are reported as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $5 $750 12 Purchase 450
Inventory data for Concord Company are reported as follows.
Date | Explanation | Units | Unit Cost | Total Cost | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 150 | $5 | $750 | ||||||
12 | Purchase | 450 | 6 | 2,700 | ||||||
23 | Purchase | 400 | 7 | 2,800 | ||||||
30 | Inventory | 80 | ||||||||
Assume a sale of 500 units occurred on June 15 for a selling price of $8 and a sale of 420 units on June 27 for $9.
Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27
Step by Step Solution
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Step: 1
To calculate the ending inventory and cost of goods sold COGS using the given inventory data we need ...
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Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
5th Edition
0730313743, 978-0730313748
