Question
USE SEPARATE EXCEL ANSWER SHEET. During June, the following changes in inventory took place. DATE EVENT UNITS COST PER UNIT TOTAL COST June 1 Beginning
USE SEPARATE EXCEL ANSWER SHEET.
During June, the following changes in inventory took place.
DATE EVENT UNITS COST PER UNIT TOTAL COST
June 1 Beginning Balance 1,400 $24 $33,600
June 14 Purchase 800 $36 $28,800
June 24 Purchase 800 $30 $24,000
TOTAL AVAILABLE FOR SALE 3,000 $86,400
DATE EVENT UNITS SELLING PRICE TOTAL SALES
June 8 Sale 400 $50 $20,000
June 10 Sale 1,000 $50 $50,000
June 29 Sale 600 $55 $33,000
TOTAL SALES 2,000 $103,000
For the month of June, calculate the: (1) Cost of good sold (in $) under the perpetual FIFO method. (2) Ending inventory (in $) under the perpetual LIFO method. (3) Gross Profit (in $) under the periodic weighted-average.
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