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Question - Brown Company began operating on June 26 with no inventory on hand. It then made the purchases listed below. Brown Company sold and delivered 58 units on June 30.
Date
Description
Units
Unit Cost
Total Cost
June 27
Purchase
12
$11.60
$139.20
June 28
50
12.60
630.00
June 29
38
14.60
554.80
Required -
1. Calculate the number and cost of goods available for sale.
2. Calculate the number of units in ending inventory at June 30.
3. Calculate the cost of ending inventory and the cost of goods sold under FIFO.
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