Compute the cost of goods sold

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Question - Jackson Bike's is a re-seller of beach bicycles and uses the perpetual inventory system. It's records show the following in the month of May.

 

Units

Unit Cost

Total Cost

June Beginning Inventory

21

$210

$4,410

June 7 Purchase

19

$215

$4,085

June 19 Purchase

12

$220

$2,640

On June 20, Jackson sold 30 units for $310 each.

Compute the cost of goods sold (June 20th sale) and ending inventory (after June 20th sale) under the following cost flow assumptions: Show all computations.

i. COGS (FIFO)

ii. Ending Inventory (FIFO)

iii. COGS (LIFO)

iv. Ending Inventory (LIFO)

v. COGS (Weighted Average)

vi. Ending Inventory (Weighted Average)

Reference no: EM132815290

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