Question
Inventory data for Waterway Company are reported as follows. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $6 $900 12 Purchase 450
Inventory data for Waterway Company are reported as follows.
Date | Explanation | Units | Unit Cost | Total Cost | ||||||
---|---|---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 150 | $6 | $900 | ||||||
12 | Purchase | 450 | 7 | 3,150 | ||||||
23 | Purchase | 380 | 8 | 3,040 | ||||||
30 | Inventory | 100 |
Assume a sale of 480 units occurred on June 15 for a selling price of $9 and a sale of 400 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 average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)
FIFO | LIFO | Moving-Average Cost | ||||
---|---|---|---|---|---|---|
The cost ending inventory | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | |||
The cost of goods sold | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places |
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