Question

U nttps%3 2F byulinstructure.com%2Fcalendar23view_name%3Dmonth2 SUBCRISK w .start Question 11 View Policies Current Attempt in Progress Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 280 $5 $1,400 580 3,480 12 23 Purchase Purchase 7 5,460 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 650 units occurred on June 15 for a selling price of $8 and a sale of 680 units on June 27 for $9.(Round average cost per unit to 3 decimal places, 2 525 and final answers to decimal places, eg 2,520.) FIFO LIFO Moving Average Cost of the ending inventory Cost of goods sold e Textbook and Media Attempts: 0 of 3 used Save for Later CE

Answer 1

ANSWER = 1
FIFO METHOD
		PURHASES			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
June, 01	Beginning inventory							280	$           5.00	$1,400
June, 12	Purhcases	580	$                6.00	$3,480				280	$           5.00	$1,400
								580	$           6.00	$3,480
June, 15	Sales				280	$               5.00	$1,400
					370	$               6.00	$2,220	210	$           6.00	$1,260
June, 23	Purhcases	780	$                7.00	$5,460				210	$           6.00	$1,260
								780	$           7.00	$5,460
June, 27	Sales				210	$               6.00	$1,260
					470	$               7.00	$3,290	310	$           7.00	$2,170
		1,360		$8,940	1,330		$8,170	310		$2,170
ANSWER = 2
LIFO METHOD
		PURHASES			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
June, 01	Beginning inventory							280	$           5.00	$1,400
June, 12	Purhcases	580	$                6.00	$3,480				280	$           5.00	$1,400
								580	$           6.00	$3,480
June, 15	Sales				580	$               6.00	$3,480
					70	$               5.00	$350	210	$           5.00	$1,050
June, 23	Purhcases	780	$                7.00	$5,460				210	$           5.00	$1,050
								780	$           7.00	$5,460
June, 27	Sales				680	$               7.00	$4,760	210	$           5.00	$1,050
								100	$           7.00	$700
		1,360		$8,940	1,330		$8,590	310		$1,750
ANSWER = 1
MOVING AVERAGE METHOD
		PURHASES			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
June, 01	Beginning inventory							280	$         5.000	$1,400
June, 12	Purhcases	580	$                6.00	$3,480				860	$         5.674	$4,880
June, 15	Sales				650	$             5.674	$3,688	210	$         5.674	$1,192
June, 23	Purhcases	780	$                7.00	$5,460				990	$         6.719	$6,652
June, 27	Sales				680	$             6.719	$4,569	310	$         6.719	$2,083
		1,360		$8,940	1,330		$8,257	310		$2,083
ANSWER:
		FIFO Mehtod	LIFO Mehtod	Moving Average
	Cost of Ending inventory	$2,170	$1,750	$2,083
	Cost of Goods Sold	$8,170	$8,590	$8,257