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Compute inventory cost at June

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Question - Rana company is a trading company that purchases and sells a single product - product Y. The company has the following record of sales and purchases of product Y for the month of June 2020.

June 01: Balance on hand at the beginning of the month; 200 units @ sh.10.15.

June 05: Purchased 800 units @ sh.10.25.

June 07: Sold 400 units.

June 12: Purchases: 600 units @ sh.10.40.

June 14: Sales: 500 units

June 20: Purchases: 400 units @ sh.10.50

June 25: Purchases: 800 units @ sh.10.70

June 26: Sales: 1,400 units

June 28: Sales: 200 units

June 30: Purchases: 600 units @ sh.10.85

Required - Compute inventory cost at June 30, 2020 using average cost method assuming the Rana Company uses periodic inventory system.

Reference no: EM132617587

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