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Mel's Hair Salon uses a perpetual inventory system, recorded the following inventory transactions for this...

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Question

Accounting

Mel's Hair Salon uses a perpetual inventory system, recorded the following inventory transactions for this year:

Purchases Sales

Units Unit Cost Units Selling Price/Unit

Apr 1 Beginning inventory 90 $ 16

25 Purchase 300 18

May 4 Purchase 130 20

16 Sale 240 $32

Jun 4 Purchase 100 24

Instructions

(a) Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Show calculations.

(b) Using the average cost formula, calculate the ending inventory at June 30. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.

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