The perpetual inventory records of the Park Company indicate the following transactions in the month of June:
Question:
Required
Compute the cost of goods sold for June and the inventory at the end of June, using each of the following cost flow assumptions:
1. FIFO
2. LIFO
3. Average cost (round unit costs to 2 decimalplaces)
Transcribed Image Text:
Units 200 Cost/Unit $3.20 Inventory, June 1 Purchases June 3 June 17 June 24 200 250 300 3.50 3.60 3.65 Sales June 6 June 21 June 27 300 200 150
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1 FIFO Cost of Goods Sold 650 units June 6 300 units 200 units 320 640 100 units 350 350 June 21 200 ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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