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Question - Inventory data for Oriole Company are reported as follows.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
200
$5
$1,000
June 12
Purchase
600
6
3,600
June 23
350
7
2,450
June 30
120
Assume a sale of 650 units occurred on June 15 for a selling price of $10 and a sale of 380 units on June 27 for $9.
Required -
1. Calculate cost of goods available for sale.
2. Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27.
3. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system.
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