Cooke Cutters Company uses the periodic inventory system. All purchases and sales are on account. The accounting records of Cookie Cutters Company show the following data: 

 

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Beginning inventory, June 1 Purchases, June 13 Sales, June 25 The physical inventory count at June 30 showed 2,000 units on hand. Required: 4,000 units at $3 6,000 units at $4 $64,000 a. Determine the cost of goods available for sale and the number of units sold. b. Assume Cookie Cutters uses FIFO. (1) Calculate cost of goods sold and ending inventory. (2) Prepare journal entries to record the June 13 purchase and the June 25 sale. c. Assume Cookie Cutters uses weighted average. (1) Calculate cost of goods sold and ending inventory. (2) Prepare journal entries to record the June 13 purchase and the June 25 sale. Beginning inventory, June 1 Purchases, June 13 Sales, June 25 The physical inventory count at June 30 showed 2,000 units on hand. Required: 4,000 units at $3 6,000 units at $4 $64,000 a. Determine the cost of goods available for sale and the number of units sold. b. Assume Cookie Cutters uses FIFO. (1) Calculate cost of goods sold and ending inventory. (2) Prepare journal entries to record the June 13 purchase and the June 25 sale. c. Assume Cookie Cutters uses weighted average. (1) Calculate cost of goods sold and ending inventory. (2) Prepare journal entries to record the June 13 purchase and the June 25 sale.

Answer rating: 100% (QA)

a Determine the cost of goods available for sale Beginning inventory 4000 units at 3 12000 Purchases ... View the full answer