Question
Skysong, Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1
Skysong, Inc. uses a periodic inventory system and reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 130 | $5 | $ 650 | |||||||
12 | Purchase | 390 | 6 | 2,340 | |||||||
23 | Purchase | 220 | 7 | 1,540 | |||||||
30 | Inventory | 224 |
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round per unit cost to 3 decimal places, e.g. 15.647, and final answers to 0 decimal places, e.g. 5,125.)
FIFO | LIFO | Average-cost | ||||
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Cost of the ending inventory |
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Cost of goods sold |
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Could you explain how to tackle this kind of problem, I'm struggling to understand how to do this.
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