Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nova Scotia Eco kits is a wholesaler specialized in high end and environmental friendly kits very popular with elementary school students. In the industry the

Nova Scotia Eco kits is a wholesaler specialized in high end and environmental friendly kits very popular with elementary school students. In the industry the month of June is one of the worst for sales, but not as bad as July. Transactions in the month of June are summarized as follows:

Opening Inventory June 1st $32,000 (4,000 units @ $8) Purchase #1 June 5th 9,620 units @ $11 Purchase #2 June 15th 6,000 units @ $12 Sale #1 June 17th 16,620 units @ $20 Purchase #3 June 22th 2,000 units @ $14

Required 1: What is the cost of goods sold for June if the company uses the FIFO periodic inventory method? $

Required 2: What is the cost of goods sold for June if the company uses the FIFO perpetual inventory method? $

Required 3: What is the Cost of Goods Sold for June if the company uses the LIFO periodic inventory system? $

Required 4: What is the Cost of Goods Sold for June if the company uses the LIFO perpetual inventory system? $

Required 5: What is the Cost of Goods Sold for June if the company uses the Weighted Average periodic inventory system? $

Required 6: What is the Cost of Goods Sold for June if the company uses the Weighted Average perpetual inventory system? $

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions