Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 332 $7 $2,324 12 Purchase

Kaleta Company reports the following for the month of June.

Date

Explanation

Units

Unit Cost

Total Cost

June 1 Inventory 332 $7 $2,324
12 Purchase 664 8 5,312
23 Purchase 498 9 4,482
30 Inventory 166

Assume a sale of 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11.

Calculate cost of goods available for sale.

The cost of goods available for sale

$12,118

Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)

June 1 $

June 12 $

June 15 $

June 23 $

June 27 $

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 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11. (Round answers to 0 decimal places, e.g. 1,250.)

FIFO

LIFO

Moving-Average Cost

The cost ending inventory $

$

$

The cost of goods sold $

$

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance Services A Systematic Approach

Authors: William Messier, Steven Glover, Douglas Prawitt

9th edition

1308361491, 77862333, 978-1259248290, 9780077862336, 1259162346, 978-1259162343

More Books

Students also viewed these Accounting questions

Question

Imagine you remain in the job listed under point

Answered: 1 week ago

Question

Identify ways to increase your selfesteem.

Answered: 1 week ago