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1+ n.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MyWileyPLUS | Help | Contact Us | Log Out S Weygandt, Financial Accounting, 9e FINANCIAL ACCOUNTING (BUS 305) CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW| PRINTER VERSION BACK NEXT Exercise 6-16 Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 314 $2,512 12 Purchase 628 $8 9 5,652 23 Purchase 471 10 30 4,710 Inventory 157 Assume a sale of 691 units occurred on June 15 for a selling price of $11 and a sale of 565 units on June 27 for $12. Calculate cost of goods available for sale. The cost of goods available for sale Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.) June 1 June 12 June 15 5 June 23 June 27 5 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 691 units occurred on June 15 for a selling price of $11 and a sale of 565 units on June 27 for $12. (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Moving-Average Cost The cost ending inventory The cost of goods sold $ Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER arch emgw P LZ+ n.wileyplus.com/edugen/student/mainfr.uni He RAW. G R WileyPLUS: MyWileyPLUS | Help | Contact Us | Log Out S Weygandt, Financial Accounting, 9e FINANCIAL ACCOUNTING (BUS 305) CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Brief Exercise 6-6 In its first month of operation, Franklin Company purchased 276 units of inventory for $6, then 460 units for $7, and finally 322 units for $8. At the end of the month, 414 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method. The amount of phantom profit Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER arch emgw P LZ