Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sunland Ltd. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 208 5 1,040 June 12

Sunland Ltd. reports the following for the month of June.

Date

Explanation

Units

Unit Cost

Total Cost

June

1

Inventory 208 5 1,040
June

12

Purchase 312 6 1,872
June

23

Purchase 520 7 3,640
June

30

Inventory 199

Calculate the cost of the ending inventory and the cost of goods sold for FIFO, using a perpetual inventory system. Assume a sale of 408 units occurred on June 15 for a selling price of 8 and a sale of 433 units on June 27 for 9. (Round answers to 0 decimal places, e.g. 2,120.)

FIFO

The cost ending inventory

----------?

The cost of goods sold

----------?

Calculate the cost of the ending inventory and the cost of goods sold for moving-average cost, using a perpetual inventory system. Assume a sale of 408 units occurred on June 15 for a selling price of 8 and a sale of 433 units on June 27 for 9. (Round average unit cost to 3 decimal places, e.g. 25.167 and final answers to 0 decimal places, e.g. 2,120.)

Moving-Average Cost

The cost ending inventory

---------?

The cost of goods sold

--------?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions