Question 1

Concord Limited uses a periodic inventory system. On June 24, the company sold 750 units. The following additional information is available:

		Units			Unit Cost			Total Cost
June 1 inventory		240			$11			$2,640
June 15 purchase		510			14			7,140
June 23 purchase		410			17			6,970
		1,160						$16,750

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		$

Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.

Ending inventory		$
Cost of goods sold		$

Assume that 240 units sold on June 24 had a unit cost of $11; 410 had a unit cost of $14; and the remaining 100 units had a unit cost of $17. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.

Ending inventory		$
Cost of goods sold		$