A company just starting business made the following four inventory purchases in June: June 1...
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A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 150 units at $2.50 $ 375 600 700 600 $2.275 200 units at $3.00 200 units at $3.50 150 units at $4.00 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers. Assume that the company uses the LIFO method. Determine the value of the ending inventory and the Cost of Goods Sold. 1. LIFO DEnding Inventory Lhits 2)Coz d Goods Sald Date Unit Cot Toal Cot I. Assume that the company uses the FIFO method. ending inventory and the Cost of Goods Sold. Determine the value of the FIRO 2) Cost of Goods Sold DEnding Inventory L'nits Toal Cost U'nit Cost Date Assume that the company uses the Average-Cost method. Determine the value of the ending inventory and the Cost of Goods Sold. II. AVERAGE-COST 2) Cost of Goods Sold DEnding Inventory Average cost per Unit Total Cost Unit Cost Units
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