- Metlock Ltd Reports The Following For The Month Of June 1 Calculate The Cost Of The Ending Inventory And The Cost Of 1 (32.89 KiB) Viewed 62 times
goods sold for FIFO, using a perpetual inventory system. Assume a
sale of 384 units occurred on June 15 for a selling price
of £8 and a sale of 406 units on June 27 for
£9. (Round answers to 0 decimal places, e.g.
£2,120.)
Cost inventory ?
COGS?
2. Calculate the cost of the ending inventory and the cost of
goods sold for moving-average cost, using a perpetual inventory
system. Assume a sale of 384 units occurred on June 15
for a selling price of £8 and a sale of 406 units on
June 27 for £9. (Round average unit cost to 3
decimal places, e.g. 25.167 and final answers to 0 decimal places,
e.g. £2,120.)
Cost inventory ?
COGS?
Date Explanation Units Unit Cost Total Cost June 1 Inventory 196 £5 £980 June 12 Purchase 294 6 1,764 June 23 Purchase 480 7 3,360 June 30 Inventory 180