The following inventory transactions occurred during June. The company sold 525 units in June. A) Calculate...
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The following inventory transactions occurred during June. The company sold 525 units in June. |
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A) Calculate the number of units in ending inventory at June 30 |
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B) Calculate the value of ending inventory using FIFO and LIFO at June 30. |
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| UNITS | COST | VALUE | |||||
|
Beginning inventory |
250 units | $ 3.0 | $ 750 | ||||
|
Purchase 6/15 |
400 units | $ 3.5 | $ 1,400 | ||||
|
Purchase 6/28 |
200 units | $ 3.6 | $ 720 | ||||
|
850 units |
$ 2,870 |
Homework Answers
Part-1)
|
Units |
|
|
Beginning inventory |
250 |
|
Purchase 6/15 |
400 |
|
Purchase 6/28 |
200 |
|
850 |
|
|
Less: Sales |
525 |
|
Ending inventory |
325 |
?
Part-2)
|
FIFO |
Units |
Cost |
Value |
|
Purchase 6/28 |
200 |
3.6 |
720.00 |
|
Purchase 6/15 |
125 |
3.5 |
437.50 |
|
1157.50 |
|
LIFO |
Units |
Cost |
Value |
|
Beginning inventory |
250 |
3 |
750.00 |
|
Purchase 6/15 |
75 |
3.5 |
262.50 |
|
1012.50 |
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