Ayayai Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of
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Ayayai Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:
Date | Explanation | Units | Cost/Unit price | Total cost | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June | 1 | Initial inventory | 1,480 | $5 | $7,400 | |||||||||
12 | shopping | 2,340 | 6 | 14,040 | ||||||||||
15 | Sale | (2,420 | ) | 12 | ||||||||||
sixteen | shopping | 4,280 | 7 | 29,960 | ||||||||||
23 | shopping | 1,580 | 8 | 12,640 | ||||||||||
27 | Sales | (5,580 | ) | 15 |
Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average final answers to 2 decimal places, eg 1.25. Do not round intermediate calculations.)
FIFO | Average cost | |
---|---|---|
Gross profit | $enter a dollar amount | $enter a dollar amount |
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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