Question

Exercise 6-17 a1-a3 (Video)
Bonita Company reports the following for the month of June.

Date
Explanation
Units
Unit Cost
Total Cost
June 1       Inventory       200       $3           $600  
12       Purchase       400       6           2,400  
23       Purchase       400       7           2,800  
30       Inventory       50                      

Assume a sale of 500 units occurred on June 15 for a selling price of $8 and a sale of 450 units on June 27 for $9.

  
Calculate cost of goods available for sale.

The cost of goods available for sale      
$

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Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)

June 1      
$
June 12      
$
June 15      
$
June 23      
$
June 27      
$

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Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)

FIFO
LIFO
Moving-Average Cost
The cost ending inventory      
$
$
$
The cost of goods sold      
$
$
$
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Answer 1