Flounder Limited uses a periodic inventory system. On June 24, the company sold 853 units. The following additional information is available:
|
Units |
|
Unit
Cost |
|
Total
Cost |
| June 1 inventory |
|
280 |
|
|
$12 |
|
|
$3,360 |
|
| June 15 purchase |
|
470 |
|
|
13 |
|
|
6,110 |
|
| June 23 purchase |
|
470 |
|
|
17 |
|
|
7,990 |
|
|
|
1,220 |
|
|
|
|
|
$17,460 |
Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)
Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.
Assume that 280 units sold on June 24 had a unit cost of $12; 423 had a unit cost of $13; and the remaining 150 units had a unit cost of $17. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.