Giles Manufacturing uses a periodic inventory system and has the following transactions for the month...
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Accounting
Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2018:
Date
Transactions
Units
Cost per Unit
Total Cost
June 1
Beginning inventory
17
$240
$ 4,080
June 7
Sale
12
June 12
Purchase
13
230
2,990
June 15
Sale
11
June 24
Purchase
14
220
3,080
June 27
Sale
15
June 29
Purchase
8
210
1,680
$11,830
Required:
1. Calculate ending inventory and cost of goods sold at June 30, 2018, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory and eight from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and fourteen units from the June 24 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2018. 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2018. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2018. (Do not round your intermediate calculations. Round your answers to the nearest dollar amount.)
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