Calculate cost of goods sold ending inventory and gross

Assignment Help Accounting Basics

Reference no: EM13575754

The following information is available for the month ending June 30th. The perpetual inventory system is used

Date	Description	Units	Unit Cost	Unit Selling Price
1-Jun	Beginning Inventory	20	$13
5-Jun	Purchase	60	$14
12-Jun	Sale	45		30
18-Jun	Purchase	22	$15
24-Jun	Sale	48		32
29-Jun	Purchase	30	$17

Questions: (Show supporting calculations.)

Part 1: Calculate cost of goods sold, ending inventory, and gross profit for June using the FIFO cost flow assumption.

Part 2: Calculate cost of goods sold, ending inventory, and gross profit for June using the LIFO cost flow assumption.

Part 3: Calculate cost of goods sold, ending inventory, and gross profit for June using the Moving Average cost flow assumption.

Reference no: EM13575754

Questions Cloud

If bogut plans to establish the ab foundation once the fund : andrew bogut just received a signing bonus of 1000000. his plan is to invest this payment in a fund that will earn 8

For written answers please make sure your responses are : complete the following two questions. submit journal entries in an excel file and written segments in an ms word

Which of the following statements about activity-based : which of the following statements about activity-based costing abc is false?a. abc cannot be used by service

Heights of men on a baseball team have a bell-shaped : q1.heights of men on a baseball team have a bell-shaped distribution with a mean of 177cm and a standard deviation of

Calculate cost of goods sold ending inventory and gross : the following information is available for the month ending june 30th. the perpetual inventory system is

If the interest rate is 13 percent compounded monthly for : variable interest rates a 15-year annuity pays 1500 per month and payments are made at the end of each month. if the

Assume that hitech is currently using a volume-based : assume that hitech is currently using a volume-based costing system with manufacturing overhead applied to products

What is the value of a bond that matures in 20 years makes : what is the value of a bond that matures in 20 years makes anannual coupon payment of 40 and has a par value of 1000?

A company had stock outstanding as follows during each of : a company had stock outstanding as follows during each of its first three years of operations 2000 shares of 10 100 par

User Account

All Pages