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Mario is a merchandising company that sells video games. The below table is an analysis of a single line of inventory purchases and sales for
Mario is a merchandising company that sells video games. The below table is an analysis of a single line of inventory purchases and sales for the month of June 2019 Available for sale units Sales Date Transaction Units Unit Cost Sold Units Selling Price/Unit 6/1 Inventory 130 $10 6/5 Purchase 110 $20 (d) Using the weighted average method, calculate the amount assigned to the inventory on hand on June 30.(Show computations) 6/10 Sales 60 $100 6/13 Purchase 40 $15 6/16 Sales 100 $100 6.23 Sales 80 $120 6/26 Sales 40 $100 (e) Prepare partial income statement under FIFO assumption, and under WA method. 6/30 Purchase 50 $30 Instructions: (a) Using the FIFO assumption calculate the amount charged to cost of goods sold for June (Show computations) (6) Using the FIFO method, calculate the amount assigned to the inventory on hand on June 30. (Show computations)
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