Calculate the june 30 inventory and the june cost of goods

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Reference no: EM131807867

Flounder Limited uses a periodic inventory system. On June 24, the company sold 853 units. The following additional information is available:

	Units		Unit Cost		Total Cost
June 1 inventory		280		$12		$3,360
June 15 purchase		470		13		6,110
June 23 purchase		470		17		7,990
		1,220				$17,460

Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)

Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.

Assume that 280 units sold on June 24 had a unit cost of $12; 423 had a unit cost of $13; and the remaining 150 units had a unit cost of $17. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.

Reference no: EM131807867

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