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Kimberly Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 440 $5 $2,200 12 Purchase
Kimberly Company reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June | 1 | Inventory | 440 | $5 | $2,200 | ||||||||
12 | Purchase | 740 | 6 | 4,440 | |||||||||
23 | Purchase | 940 | 7 | 6,580 |
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 810 units occurred on June 15 for a selling price of $8 and a sale of 840 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 | |||||||
Cost of goods sold |
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