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Q1 Tipp Topp Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $5 $1,500 12 Purchase
Q1 Tipp Topp Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $5 $1,500 12 Purchase 450 6 2,700 23 Purchase 750 7.60 5,700 30 Inventory 180 Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. (b) Compute the cost of the ending inventory and the cost of goods sold using the average- cost method
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