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Jennifer Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 500 $5 $2,500 12 Purchase
Jennifer Company reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June | 1 | Inventory | 500 | $5 | $2,500 | ||||||||
12 | Purchase | 800 | 6 | 4,800 | |||||||||
23 | Purchase | 1,000 | 7 | 7,000 |
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 870 units occurred on June 15 for a selling price of $8 and a sale of 900 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.)
FIFO | LIFO | Moving Average | |||||
---|---|---|---|---|---|---|---|
Cost of the ending inventory | $enter the cost of the ending inventory in dollars under FIFO method | $enter the cost of the ending inventory in dollars under LIFO method | $enter the cost of the ending inventory in dollars under moving average method | ||||
Cost of goods sold | $enter the cost of the goods sold in dollars under FIFO method | $enter the cost of the goods sold in dollars under LIFO method | $enter the cost of the goods sold in dollars under moving average method |
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