Question
Patricia Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 340 $5 $1,700 12 Purchase
Patricia Company reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June | 1 | Inventory | 340 | $5 | $1,700 | ||||||||
12 | Purchase | 640 | 6 | 3,840 | |||||||||
23 | Purchase | 840 | 7 | 5,880 |
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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 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.)
FIFOLIFOMoving Average
Cost of the ending inventory
enter the cost of the ending inventory in dollars under FIFO method
enter the cost of the ending inventory in dollars under LIFO method
enter the cost of the ending inventory in dollars under moving average method
Cost of goods sold
enter the cost of the goods sold in dollars under FIFO method
enter the cost of the goods sold in dollars under LIFO method
enter the cost of the goods sold in dollars under moving average method
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