Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Melissa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 480 $5 $2,400 12 Purchase
Melissa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 480 $5 $2,400 12 Purchase 780 6 4,680 23 Purchase 980 7 6,860 Calculate the 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 850 units occurred on June 15 for a selling price of $8 and a sale of 880 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.
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