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. Date Explanation Units Unit Cost Total Cost Inventory 120 $600
Martinez Corp. uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost Inventory 120 $600 June 1 $5 12 Purchases 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 intermediate calculations to O decimal places, eg. 5.250 and final answer to 3 decimal places, eg. 5.125.) June 1 $ 5 June 12$ 5.760 June 15$ 5.760 June 23 $ 7.503 June 27 $ 7.503 e Textbook and Media X 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 $9.(Round intermediate calculations and final answers to O decimal places, eg. 125.) FIFO LIFO Moving-Average The cost of the ending inventory$ $ $ The cost of goods sold $ $ $
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