In: Accounting
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 | $ | $ | $ |