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with explanations and look at the numbers carefully to avoid mistakes Date 3. Yount Company reports the following for the month of June. Explanation Units
with explanations and look at the numbers carefully to avoid mistakes
Date 3. Yount Company reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 300 6 1,800 23 Purchase 500 7 3,500 30 Inventory 120 Required:(,,) Calculate the cost of the ending inventory and the cost of goods sold for (a) FIFO and (b) Weighted Average Cost, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 480 units on June 27 for $9. (50%) (a) FIFO Ending inventory Cost of goods sold (b) Weighted Average Cost Ending inventory Cost of goods sold Purchase Cost of good sold Balance 200 Yes 200@5 June 1 June 12 1000 (300 x 6 = 1,800Step by Step Solution
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