Suppose that Ralph Lauren Company reports the following for the month of June. Unit Date Explanation Units Cost Total Cost June 1 Inventory 520 $5 $2,600 12 Purchase 820 6 4,920 23 Purchase 1,020 7 7,140 30 Inventory 550 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 890 units occurred on June 15 for a selling price of $8 and a sale of 920 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) FIFO LIFO Moving Average Cost of :he ending nventory Cost of goods sold EA +A 3850 10810 EA +A 2780 EA +A 3409 10836
Suppose that Ralph Lauren Company reports the following for the month of June. Unit Date Explanation Units Cost Total Cost June 1 Inventory 520 $5 $2,600 12 Purchase 820 6 4,920 23 Purchase 1,020 7 7,140 30 Inventory 550 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 890 units occurred on June 15 for a selling price of $8 and a sale of 920 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) FIFO LIFO Moving Average Cost of :he ending nventory Cost of goods sold EA +A 3850 10810 EA +A 2780 EA +A 3409 10836
Chapter10: Inventory
Section: Chapter Questions
Problem 5EB: Bleistine Company had the following transactions for the month. Calculate the ending inventory...
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Question
![Suppose that Ralph Lauren Company reports the following for the month of June.
Unit
Date
Explanation
Units
Cost
Total Cost
June 1
Inventory
520
$5
$2,600
12 Purchase
820
6
4,920
23
Purchase
1,020
7
7,140
30
Inventory
550
(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a
perpetual inventory system. Assume a sale of 890 units occurred on June 15 for a selling price of $8 and a sale of 920
units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to
O decimal places, e.g. 2,520.)
Cost of
:he
ending
nventory
Cost of
goods
sold
+A
+A
FIFO
3850
10810
+A
+A
LIFO
2780
GA
EA
Moving Average
3409
10836](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5789798-4685-478f-8584-4f9926ac531c%2F1d96f015-707b-4e41-bf5c-9127f262df29%2Fy8s65ar_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that Ralph Lauren Company reports the following for the month of June.
Unit
Date
Explanation
Units
Cost
Total Cost
June 1
Inventory
520
$5
$2,600
12 Purchase
820
6
4,920
23
Purchase
1,020
7
7,140
30
Inventory
550
(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a
perpetual inventory system. Assume a sale of 890 units occurred on June 15 for a selling price of $8 and a sale of 920
units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to
O decimal places, e.g. 2,520.)
Cost of
:he
ending
nventory
Cost of
goods
sold
+A
+A
FIFO
3850
10810
+A
+A
LIFO
2780
GA
EA
Moving Average
3409
10836
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