Compute the cost of goods available for sale

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Reference no: EM1393989

Johnson Company reports the following for the month of June.

Date	Explanation	Units	Unit Cost	Total Cost
June 1	Inventory	225	$5	$1,125
12	Purchase	525	6	3,150
23	Purchase	750	7	5,250
30	Inventory	270

(1) Compute the cost of goods available for sale $________________

Compute the cost of the ending inventory and the cost of goods sold under:

(2) FIFO Ending inventory $__________ (3) FIFO Cost of goods sold $____7,635___

(4) LIFO Ending inventory $__________ (5) LIFO Cost of goods sold $___________

(6) Average Cost Ending inventory $__________

(7) Average Cost Cost of goods sold $_________

(8) Which costing method gives the highest ending inventory? _______________

(9)The highest cost of goods sold? _________________

Reference no: EM1393989

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