Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Martinez Corp. uses a perpetual inventory system reports the following for the month of June. I thought June 15 should be 6.783 and June 23rd
Martinez Corp. uses a perpetual inventory system reports the following for the month of June.
I thought June 15 should be 6.783 and June 23rd should be 6.829 - but I was told I was wrong. I can't figure out the FIFO, LIFO or moving average either. I recalculated Moving-average cost of the end inventory to 1904.925 by adding everything up and dividing by units. But I don't get the other.
Martinez Corp. uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 120 $5 $600 Inventory Purchases 12 380 6 2.280 23 Purchases 250 7 1,750 30 Inventory 275 Your answer is partially correct. Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $8 and a sale of 55 units on June 27 for $9. (Round answers to 3 decimal places, e.g. 5.125.) June 1 $ 5 June 12 $ 5.76 June 15$ 5.760 June 23 $ 7.503 June 27 $ 7.503 e Textbook and Media Your answer is incorrect. Calculate 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 420 units occurred on June 15 for a selling price of $8 and a sale of 55 units on June 27 for $9. (Round answers to decimal places, eg. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ 8485 $ 8485 1904.925 The cost of goods sold $ 8485 8485 $ 8485Step 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