Question

Exercise 6-14 a-b1 (Part Level Submission) Cheyenne Corp. uses a periodic inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $650 12 Purchases 390 6 2,340 23 Purchases 240 7 1,680 30 Inventory 354 A sale of 360 units occurred on June 15 for a selling price of $9 and a sale of 46 units on June 27 for $10.

(a) Your answer is correct. Calculate the average cost per unit, using a perpetual inventory system. (Round intermediate calculations to 0 decimal places, e.g. 5.250 and final answer to 3 decimal places, e.g. 5.125.) June 1 $enter a dollar amount 5 June 12 $enter a dollar amount 5.75 June 15 $enter a dollar amount 5.75 June 23 $enter a dollar amount 6.50 June 27 $enter a dollar amount 6.50 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO VIDEO Attempts: 2 of 5 used

(b1) Calculate 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 360 units occurred on June 15 for a selling price of $9 and a sale of 46 units on June 27 for $10. (Round intermediate calculations and final answers to 0 decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount

Answer 1

Due to character limit I am attaching the images for inventory sheet.

Final Answer b 1	Moving	FIFO	LIFO
Ending inventory	2,301.00	2,364.00	2,188.00
Cost of Goods sold	2,369.00	2,306.00	2,482.00