Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current attempt in progress pina colada corp. uses

Current Attempt in Progress Pina Colada Corp. uses a periodic inventory system reports the following...

70.2K

Verified Solution

Question

Accounting

imageimageimage

Current Attempt in Progress Pina Colada Corp. uses a periodic inventory system reports the following for the month of June. Date Units Unit Cost Total Cost June 1 120 $5 12 Explanation Inventory Purchases Purchases Inventory 380 6 $600 2,280 1,470 23 210 7 30 250 A sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 60 units on June 27 for $9. Your answer is correct. Calculate the average cost per unit, using a perpetual inventory system. (Round intermediate calculations to O decimal places, e.g. 5.250 and final answer to 3 decimal places, e.g. 5.125.) June 1 $ 5.000 June 12 $ 5.760 June 15 5.760 June 23 6.600 June 27 6.600 (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 400 units occurred on June 15 for a selling price of $8 and a sale of 60 units on June 27 for $9. (Round intermediate calculations and final answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ ta $ The cost of goods sold $ ta $ ta $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students