# Question

Moorea Corp. uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available:

(a) Calculate the June 30 inventory and the June cost of goods sold using the weighted average cost formula.

(b) Calculate the June 30 inventory and the June cost of goods sold using the FIFO formula.

(c) Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $ 14; and the remaining 100 units had a unit cost of $15. Calculate the June 30 inventory and the June cost of goods sold using the specific identification method.

(a) Calculate the June 30 inventory and the June cost of goods sold using the weighted average cost formula.

(b) Calculate the June 30 inventory and the June cost of goods sold using the FIFO formula.

(c) Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $ 14; and the remaining 100 units had a unit cost of $15. Calculate the June 30 inventory and the June cost of goods sold using the specific identification method.

## Answer to relevant Questions

Ruggers Corporation sells one product, with information for July as follows: Ruggers uses the FIFO cost formula. All purchases and sales are on account. Instructions (a) Assume Ruggers uses a periodic system. Prepare all ...Aquind Corporation is a multi -product firm. The following information concerns one of its products, the Trinton: Instructions Calculate cost of goods sold, assuming Aquind uses: (a) A periodic inventory system and FIFO cost ...At December 31, 2014, Ichor Ltd. has outstanding non-cancellable purchase commitments for 45,500 litres of raw material at S3.25 per litre. The material will be used in Ichor's manufacturing process, and the company prices ...Transactions follow for Whitehall Limited: March 10 Purchased goods billed at $25,000, terms 3/10, n/60. 11 Purchased goods billed at $26,575, terms 1115, n/30. 19 Paid invoice of March 10. 24 Purchased goods billed at ...Sube Specialty Corp., a division of FH Inc., manufactures three models of gearshift components for bicycles that are sold to bicycle manufacturers, retailers, and catalogue outlets. Since beginning operations in 1969, Sube ...Post your question

0