Calculate cost of goods sold ending inventory and gross

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Reference no: EM13575754

The following information is available for the month ending June 30th. The perpetual inventory system is used

Date

Description

Units

Unit Cost

Unit Selling Price

1-Jun

Beginning Inventory

20

$13


5-Jun

Purchase

60

$14


12-Jun

Sale

45


30

18-Jun

Purchase

22

$15


24-Jun

Sale

48


32

29-Jun

Purchase

30

$17


Questions: (Show supporting calculations.)

Part 1: Calculate cost of goods sold, ending inventory, and gross profit for June using the FIFO cost flow assumption.

Part 2: Calculate cost of goods sold, ending inventory, and gross profit for June using the LIFO cost flow assumption.

Part 3: Calculate cost of goods sold, ending inventory, and gross profit for June using the Moving Average cost flow assumption.

Reference no: EM13575754

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