Question
Sarasota Corp. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 129 $5 $645 12 Purchases
Sarasota Corp. reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
June 1 | Inventory | 129 | $5 | $645 | ||||
12 | Purchases | 353 | 6 | 2,118 | ||||
23 | Purchases | 217 | 7 | 1,519 | ||||
30 | Inventory | 275 |
A sale of 376 units occurred on June 15 for a selling price of $8 and a sale of 48 units on June 27 for $9.
Partially correct answer iconYour answer is partially correct.
Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.)
June 1 | $ | |
June 12 | $ | |
June 15 | $ | |
June 23 | $ | |
June 27 | $ |
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Incorrect answer iconYour answer is incorrect.
Calculate 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 376 units occurred on June 15 for a selling price of $8 and a sale of 48 units on June 27 for $9. (Round answers to 0 decimal places, e.g. 125.)
FIFO | LIFO | Moving-Average | ||||
The cost of the ending inventory | $ | $ | $ | |||
The cost of goods sold | $ | $ | $ |
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