Cost of ending inventory and cost of goods sold

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Reference no: EM13145360

Kiser Company reports the following for the month of June.

Date Explanation Units Unit Cost Total Cost

June 1 Inventory 125 $5 $625

June 12 Purchase 375 6 2,250

June 23 Purchase 500 7 3,500

June 30 Inventory 200

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 370 units on June 27 for $9. (Note: For the average-cost method, round unit cost to three decimal places, e.g. 5.275. Round all answers to 0 decimal places, e.g. 1,514.)

FIFO LIFO Moving Average

Ending Inventory $ $ $

Cost of goods sold $ $ $

Reference no: EM13145360

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