Question
M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customers for $14.25 per unit. On June 1, M.T. Glass had an
M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customers for $14.25 per unit. On June 1, M.T. Glass had an inventory with a total cost of $75,000 on hand.
During June, M.T. Glass recorded the following purchases of inventory:
June 9-8,000 units purchased at $7.10 per unit
June 12-????? units purchased at $5.70 per unit
June 19-14,000 units purchased at $6.80 per unit
June 26-16,000 units purchased at ????? per unit
During June, M.T. Glass sold 38,000 units and had 22,000 units left unsold on June 30.
Using FIFO, M.T. Glass calculated its income before tax for June to be $158,300 and its ending inventory on June 30 to be $124,000.
Using a weighted average, M.T. Glass calculated its gross profit for June to be $308,940.
Using LIFO, M.T. Glass calculated its net income for June to be $111,825.
Calculate the unit cost of M.T. Glass' beginning inventory.
Do not copy from Chegg, otherwise, I have to report the answer.
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