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

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.

Total Cost 2,400 5,600 6,000 $14,000 Unit Cost Units 200 400 400 1,000 June 1 inventory June 15 purchase June 23 purchase $12 14 15

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