Question

Question 3 --/1 View Policies Current Attempt in Progress Flounder Corp.reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 113 $5 $ 565 12 Purchases 343 2,058 23 Purchases 217 1,519 30 Inventory 221 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO LIFO Average-Cost The cost of the ending inventory $ The cost of goods sold

Answer 1

Date Particulars 01-Jun Beginning Inventory 12-Jun Purchases | 23-Jun Purchases Goods Available for Sale Less: Units sold Ending Inventory Units 113 343 217 673 Rate 5.00 6.00 7.00 Value 565 2,058 1,519 4,142 452 221 FIFO :- Cost of goods sold = (113*5)+(339*6) - $ 2,599/. Ending inventory is = (4*6)+(2177) - $ 1,543/. LIFO : Cost of goods sold = (2177)+(2356) = $ 2,929/. Ending inventory is = (113*5)+(108*6) = $ 1,213/. Average cost :- Average per unit is = (4142/673) = $6.154532/. Cost of goods sold is = (452*6.154532) = $ 2,781.85/. Ending inventory is = (221*6.154532) - $ 1,360.15).