Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Klutznik Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2024: Date Transactions June 1 Beginning inventory June
Klutznik Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2024: Date Transactions June 1 Beginning inventory June 7 Sale June 12 June 15 June 24 June 27 Sale June 29 Purchase Purchase Sale Purchase Units Cost per Unit 17 $ 240 12 13. 11 14 15 8 230 1. Ending inventory 1. Cost of goods sold 2. Ending inventory 2. Cost of goods sold 3. Ending inventory 3. Cost of goods sold 4. Ending inventory 4. Cost of goods sold 220 210 Total Cost $ 4,080 2,990 3,080 1,680 $ 11,830 Required: 1. Calculate ending inventory and cost of goods sold at June 30, 2024, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory and eight from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and fourteen units from the June 24 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2024. 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2024. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2024. (Do not round your intermediate calculations. Round your answers to the nearest dollar amount.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started