Question
Inventory data for Larkspur, Inc. are presented as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 132 $5 $660 12 Purchases 403
Inventory data for Larkspur, Inc. are presented as follows.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 132 | $5 | $660 | ||||
12 | Purchases | 403 | 6 | 2,418 | ||||
23 | Purchases | 186 | 7 | 1,302 | ||||
30 | Inventory | 240 |
Assume a sale of 435 units occurred on June 15 for a selling price of $8 and a sale of 46 units on June 27 for $9.
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.)
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