Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

why isnt the lifo calculation correct ? and how do you calculate the average cost? Alternative Inventory Methods Park Company's perpetual inventory records indicate the

why isnt the lifo calculation correct ?
and how do you calculate the average cost?
image text in transcribed
Alternative Inventory Methods Park Company's perpetual inventory records indicate the following transactions in the month of June: Units Cost/Unit $3.20 taventory, June 1 200 Purchases: June 200 3.50 June 12 250 3.60 June 24 300 3.65 June 6 300 200 June 21 June 27 150 Required: 1. Compute the cost of goods sold for one and the inventory at the end of June using each of the following cost flow assumption: If required, round your answers to the nearest colle. 1. FIFO Cost of Goods Sold $ 2,240 Ending Inventory $ 1,095 2. uro (Round your intermediate calculations and final answers to the nearest cent.) Cost of Goods Sold 2.345 X Ending Inventory $ 990 X 3. Average cost in your computations, round unit costs to 3 decimal places and other amounts to the nearest dollar) Cost of Goods Sold 749.45 x Ending Inventory 345.90 X in reach the three methods

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment With IDEA Software

Authors: Larry E. Rittenberg, Bradley J. Schwieger

4th Edition

0387321500, 978-0324180237

More Books

Students also viewed these Accounting questions

Question

=+Does it make you feel cool?

Answered: 1 week ago