Johnson Company reports the following for the month of June.
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
June 1
|
Inventory
|
225
|
$5
|
$1,125
|
12
|
Purchase
|
525
|
6
|
3,150
|
23
|
Purchase
|
750
|
7
|
5,250
|
30
|
Inventory
|
270
|
|
|
(1) Compute the cost of goods available for sale $________________
Compute the cost of the ending inventory and the cost of goods sold under:
(2) FIFO Ending inventory $__________ (3) FIFO Cost of goods sold $____7,635___
(4) LIFO Ending inventory $__________ (5) LIFO Cost of goods sold $___________
(6) Average Cost Ending inventory $__________
(7) Average Cost Cost of goods sold $_________
(8) Which costing method gives the highest ending inventory? _______________
(9)The highest cost of goods sold? _________________