Yount company reports the following for the month of june, Ask an Expert

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Yount Company reports the following for the month of June.

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 200 $8.95 $1,790
12 Purchase 300 $9.95 $2,985
23 Purchase 500 $10.95 $5,475
30 Inventory 120

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 400 units occurred on June 15 for a selling price of $12 and a sale of 480 units on June 27 for $13. (Round moving-average unit cost to 3 decimal places, e.g. 2.250. Round final answers to 0 decimal places, e.g. 125.)

FIFO LIFO Moving-Average
Ending Inventory ? ? ?
Cost of Goods Sold ? ? ?

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Accounting Basics, Accounting

Category:- Accounting Basics
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