Question

Kaleta Company reports the following for the month of June.

Date		Explanation		Units		Unit Cost		Total Cost
June 1		Inventory		332		$7		$2,324
12		Purchase		664		8		5,312
23		Purchase		498		9		4,482
30		Inventory		166

Assume a sale of 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11.

Calculate cost of goods available for sale.  

The cost of goods available for sale

$12,118

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		$

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11. (Round answers to 0 decimal places, e.g. 1,250.)

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

Answer 1