Question

Patricia Company reports the following for the month of June.

Date			Explanation		Units			Unit Cost			Total Cost
June	1		Inventory		340			$5			$1,700
	12		Purchase		640			6			3,840
	23		Purchase		840			7			5,880

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 710 units occurred on June 15 for a selling price of $8 and a sale of 740 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.)

FIFOLIFOMoving Average

Cost of the ending inventory

enter the cost of the ending inventory in dollars under FIFO method

enter the cost of the ending inventory in dollars under LIFO method

enter the cost of the ending inventory in dollars under moving average method

Cost of goods sold

enter the cost of the goods sold in dollars under FIFO method

enter the cost of the goods sold in dollars under LIFO method

enter the cost of the goods sold in dollars under moving average method

Answer 1