Jeters Company uses a periodic inventory system and reports the following for the month of June....

Jeters Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 370 6 2,220 23 Purchase 200 7 1,400 30 Inventory 230 Instructions

a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average unit cost to three decimal places.)

b. Which costing method gives the highest ending inventory? The highest cost of goods sold? Why?

c. How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?

d. Explain why the average cost is not $6.

Expert Solution

ekkarill92 answered 1 year ago

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