Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. inventory costing methods-perpetual method kali co

Inventory Costing Methods-Perpetual Method Kali Company uses the perpetual inventory system for its merchandise inventory. The June...

50.1K

Verified Solution

Question

Accounting

Inventory Costing Methods-Perpetual Method

Kali Company uses the perpetual inventory system for itsmerchandise inventory. The June 1 inventory for one of the items inthe merchandise inventory consisted of 60 units with a unit cost of$45. Transactions for this item during June were as follows:

June5Purchased40units @$50 per unit
13Sold50units @$95 per unit
25Purchased40units @$53 per unit
29Sold20units@$110 per unit


Required
a. Compute the cost of goods sold and the ending inventory cost forthe month of June using the weighted-average cost method. Do notround until your final answers. Round to the nearest dollar.

b. Compute the cost of goods sold and the ending inventory cost forthe month of June using the first-in, first-out method.

c. Compute the cost of goods sold and the ending inventory cost forthe month of June using the last-in, first-out method.

a) Weighted average

Ending Inventory:

Cost of goods sold:

b) First in, First out:

Ending Inventory:

Cost of goods sold:

c) Last in, First Out:

Ending Inventory:

Cost of goods sold:

Answer & Explanation Solved by verified expert
3.8 Ratings (555 Votes)
    See Answer
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

Physics
1.2K views

The parameters of the apparatus that are important to its function are: Solenoid winding: # turns...

Biology
1.2K views

2. Sex linked traits such color blindness or hemophilia affect males more becauseThe Y chromosome...

Physics
1.2K views

mpedance is a measure of the opposition to the flow of alternating electrical current It...

Physics
1.2K views

5 33 In the circuit shown in the figure 5 296 the AC source gives...

Physics
1.2K views

In a circuit shown in figure the heat produced in 50 resistor due to current...

Calculus
1.2K views

Find the sum of the first 39 terms of the arithmetic sequence 9 18 27...

Accounting
1.2K views

Cullumber Company issued $1,670,000 of bonds on January 1, 2020. Prepare the journal...

Accounting
1.2K views

Suppose this information is available for PepsiCo, Inc. for 2020,2021, and 2022.(in millions)Beginning inventoryEnding inventoryCost...

Accounting
1.2K views

During the current month, a company that uses job order costing purchases $60,000 in raw...

Accounting
1.2K views

on s) ns An amendment to a will Executrix Intestate cess O Codicil O Administrator...

Accounting
1.2K views

Interest Payments and Interest Expense for Bonds (Straight Line) On December 31, 2013, Perry Manufacturing...

Accounting
1.2K views

Krelzinger Company makes extensive use of financial performance reports for each of its departments. Although...