Question

Kaleta Company uses the perpetual inventory system and reports the following for the month of June.

Date		Explanation		Units		Unit Cost			Total Cost
June 1		Inventory		200		$5			$1,000
12		Purchase		400		6			2,400
23		Purchase		300		7			2,100
30		Inventory		100

Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 units on June 27 for $9.

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 2.525 and final answers to 0 decimal places, e.g. 1,250.)

		FIFO		LIFO		Moving-Average Cost
The cost ending inventory		$		$		$
The cost of goods sold		$		$		$

Answer 1

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	FIFO	LIFO	Moving Average
The cost of ending inventory	$             700	$     500	$           654
The cost of goods sold	$         4,800	$ 5,000	$       4,846
Workings:
FIFO
Date	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Jun-01							200	$       5.00	$    1,000
Jun-12	400	$   6.00	$       2,400				200	$       5.00	$    1,000
							400	$       6.00	$    2,400
Jun-15				200	$        5.00	$    1,000	160	$       6.00	$        960
				240	$        6.00	$    1,440
Jun-23	300	$   7.00	$       2,100				160	$       6.00	$        960
							300	$       7.00	$    2,100
Jun-27				160	$        6.00	$        960	100	$       7.00	$        700
				200	$        7.00	$    1,400
Totals	700		4,500	800		4,800	100		700
LIFO
Date	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Jun-01							200	$       5.00	$    1,000
Jun-12	400	$   6.00	$       2,400				200	$       5.00	$    1,000
							400	$       6.00	$    2,400
Jun-15				400	$        6.00	$    2,400	160	$       5.00	$        800
				40	$        5.00	$        200
Jun-23	300	$   7.00	$       2,100				160	$       5.00	$        800
							300	$       7.00	$    2,100
Jun-27				300	$        7.00	$    2,100	100	$       5.00	$        500
				60	$        5.00	$        300
Totals	700		4,500	800		5,000	100		500
Moving - Average
Date	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Jun-01							200	$    5.000	$    1,000
Jun-12	400	$ 6.000	$       2,400				200	$    5.000	$    1,000
							400	$    6.000	$    2,400
Net							600	$    5.667	$    3,400
Jun-15				440	$      5.667	$    2,493	160	$    5.667	$        907
Jun-23	300	$ 7.000	$       2,100				160	$    5.667	$        907
Net							300	$    7.000	$    2,100
							460	$    6.536	$    3,007
Jun-27				360	$      6.536	$    2,353	100	$    6.536	$        654
Totals	700		4,500	800		4,846	100		654