Exercise 6-14 a-b1 (Part Level Submission)

Cheyenne Corp. uses a periodic inventory system reports the following for the month of June.

Date		Explanation		Units		Unit Cost		Total Cost
June 1		Inventory		130		$5		$650
12		Purchases		390		6		2,340
23		Purchases		240		7		1,680
30		Inventory		354

A sale of 360 units occurred on June 15 for a selling price of $9 and a sale of 46 units on June 27 for $10.

(a)

	Your answer is correct.

Calculate the average cost per unit, using a perpetual inventory system. (Round intermediate calculations to 0 decimal places, e.g. 5.250 and final answer to 3 decimal places, e.g. 5.125.)

June 1		$enter a dollar amount 5
June 12		$enter a dollar amount 5.75
June 15		$enter a dollar amount 5.75
June 23		$enter a dollar amount 6.50
June 27		$enter a dollar amount 6.50

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Attempts: 2 of 5 used

(b1)

Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 360 units occurred on June 15 for a selling price of $9 and a sale of 46 units on June 27 for $10. (Round intermediate calculations and final answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		Moving-Average
The cost of the ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount