Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Moath Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 320 $8 $2,560 12 Purchase

Moath Company reports the following for the month of June.

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 320 $8 $2,560
12 Purchase 640 9 5,760
23 Purchase 480 10 4,800
30 Inventory 160

Assume a sale of704units occurred on June 15 for a selling price of $11and a sale of576units on June 27 for $12

Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27

June 1 $
June 12 $
June 15 $
June 23 $
June 27

$

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system.

The cost ending inventory FIFO LIFO

The cost ending inventory $ $

$

The Cost of Goods Sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information For Business Decisions

Authors: Loren A Nikolai, Billie Cunningham, John D Bazley

3rd Edition

1111066884, 9781111066888

More Books

Students also viewed these Accounting questions

Question

your ultimate goal upon graduation (i.e., career goals).

Answered: 1 week ago