Question

he Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29 Sold 20 units@ $110 per unit Required a. Compute the cost of goods sold and the ending inventory cost for the month of June using the weighted-average cost method. Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. b. Compute the cost of goods sold and the ending inventory cost for the month of June using the first-in, first-out method. c. Compute the cost of goods sold and the ending inventory cost for the month of June using the last-in, first-out method. a. Weighted Average Ending Inventory Answer Cost of goods Sold Answer b. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer c. Last-in, first-out: Ending Inventory Answer 0 Cost of Goods Sold: Answer

Answer 1