Pina Colada Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available:

		Units			Unit Cost			Total Cost
June 1 inventory		200			$12			$2,400
June 15 purchase		400			15			6,000
June 23 purchase		400			16			6,400
		1,000						$14,800

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Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)

Ending inventory		$
Cost of goods sold		$

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Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.

Ending inventory		$
Cost of goods sold		$

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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.

Ending inventory
Cost of goods sold

Answer rating: 100% (QA)

Weighted average cost per unit 148001000 1480 Ending inventory 400 units x 1480 5920 Co... View the full answer