The perpetual inventory records of the Park Company indicate the following transactions in the month of June:

Question:

Required
Compute the cost of goods sold for June and the inventory at the end of June, using each of the following cost flow assumptions:
1. FIFO
2. LIFO
3. Average cost (round unit costs to 2 decimalplaces)

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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Question Posted: Mar 10, 2012 06:14 AM

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The perpetual inventory records of the Park Company indicate the following transactions in the month of June:

Question:

Units 200 Cost/Unit $3.20 Inventory, June 1 Purchases June 3 June 17 June 24 200 250 300 3.50 3.60 3.65 Sales June 6 June 21 June 27 300 200 150

Step by Step Answer:

1 FIFO Cost of Goods Sold 650 units June 6 300 units 200 units 320 640 100 units 350 350 June 21 200 ...View the full answer

Intermediate Accounting

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