MESSAGE MY INSTRUCT Exercise 6-6 (Part Level Submission) Ayayai Ltd. uses the perpetual inventory system...
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Accounting
MESSAGE MY INSTRUCT Exercise 6-6 (Part Level Submission) Ayayai Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Date Explanation Units Cost Total Cost June 1 Beginning inventory1,390 4 $5,560.00 11,150 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales 2,230 5 4,580 (5,460) (2,640) 27,480 7 11,480 6 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decmal places, e.g. 1.25. Do not round intermediate calculations.) FIFO Average Cost of goods sold Cost of ending inventory
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