? Larkspur, Inc. uses the periodic inventory system and reports the following for the month of June.

?

Transcribed Image Text:

Larkspur, Inc. uses the periodic inventory system and reports the following for the month of June. June 1 12 23 30 Units Inventory 280 Purchase 560 Purchase 420 Inventory 140 Unit Cost $6 8 11 Total Cost $ 1,680 4,480 4,620 Your answer is correct. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ eTextbook and Media Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold tA 1198 8.56 9587 Your answer is partially correct. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is lower In contrast, cost of goods sold is than FIFO $ higher than FIFO $ 342 and higher 347 and than LIFO $ lower than LIFO $ 35 Larkspur, Inc. uses the periodic inventory system and reports the following for the month of June. June 1 12 23 30 Units Inventory 280 Purchase 560 Purchase 420 Inventory 140 Unit Cost $6 8 11 Total Cost $ 1,680 4,480 4,620 Your answer is correct. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ eTextbook and Media Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold tA 1198 8.56 9587 Your answer is partially correct. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is lower In contrast, cost of goods sold is than FIFO $ higher than FIFO $ 342 and higher 347 and than LIFO $ lower than LIFO $ 35

Answer rating: 100% (QA)

Ending inventory is lower than FIFO 1540 and higher than LIFO 840 In contr... View the full answer