Question - Flounder Corp. reports the following for the month of June.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
|
June 1
|
Inventory
|
122
|
$5
|
$610
|
|
June 12
|
Purchases
|
392
|
6
|
2,352
|
|
June 23
|
Purchases
|
185
|
7
|
1,295
|
|
June 30
|
Inventory
|
221
|
|
|
A sale of 428 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10.
Calculate the average cost per unit, using a perpetual inventory system.
Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sales of 428 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10.