Question
Pina Colada Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available: Units Unit Cost
Pina Colada Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available:
Units | Unit Cost | Total Cost | |||||||
---|---|---|---|---|---|---|---|---|---|
June 1 inventory | 200 | $12 | $2,400 | ||||||
June 15 purchase | 400 | 15 | 6,000 | ||||||
June 23 purchase | 400 | 16 | 6,400 | ||||||
1,000 | $14,800 |
Correct answer iconYour answer is correct.
Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)
Ending inventory | $ | ||
---|---|---|---|
Cost of goods sold | $ |
eTextbook and Media
Correct answer iconYour answer is correct.
Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.
Ending inventory | $ | ||
---|---|---|---|
Cost of goods sold | $ |
eTextbook and Media
Incorrect answer iconYour answer is incorrect.
Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $15; and the remaining 100 units had a unit cost of $16. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
Ending inventory | ||
---|---|---|
Cost of goods sold |
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