Question

Inventory Costing Methods-Perpetual Method Shiloh Company uses the perpetual 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 $80. Transactions for this item during June were as follows:

Required

a. Calculate the cost of goods sold and the ending inventory cost for the month of June using the weighted-average cost method.   Do not round until your final answers. Round to the nearest dollar.

b. Calculate the cost of goods sold and the ending inventory cost for the month of June using the first-in, first-out method.

c. Calculate the cost of goods sold and the ending inventory cost for the month of June using the last-in, first-out method.

June

5

Purchased

40

units @

$90 per unit

 

13

Sold

50

units @

130 per unit

 

25

Purchased

30

units @

92 per unit

 

29

Sold

20

units

 

 



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