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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. Date Description Quantity Unit Cost or Selling price 6/1 Beg. Inventory 60 $25 6/5 Purchase 120 $26 6/10 Sale 100 35 6/11 Purchase 70 27 6/13 Sale 60 40 6/16 Purchase 80 28 6/23 Sale 110 40 40 Instructions: (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for June. (Show computations). (b) Using the FIFO method, calculate the amount assigned to the inventory on hand on June 30. (Show computations). (c) Using the weighted average method, calculate the amount charged to cost of goods sold for June. (Show computations). (d) Using the weighted average method, calculate the amount assigned to the inventory on hand on June 30. (Show computations)
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