Inventory data for Tamarisk Company are reported as follows: Number of Date Explanation Units Unit Cost Total Cost June 1 Beginning inventory 400 $5 $2,000 12 Purchase 600 6 3,600 23 Purchase 500 7 3,500 Assume a sale of 640 units occurred on June 15 for a selling price of $8 and a sale of 560 units on June 27 for $9. On June 30, 300 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.271 and final answers to 2 decimal places, e.g. 5,275.75.) Ending inventory Cost of goods sold $ Weighted Average

Inventory data for Tamarisk Company are reported as follows: Number of Date Explanation Units Unit Cost Total Cost June 1 Beginning inventory 400 $5 $2,000 12 Purchase 600 6 3,600 23 Purchase 500 7 3,500 Assume a sale of 640 units occurred on June 15 for a selling price of $8 and a sale of 560 units on June 27 for $9. On June 30, 300 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.271 and final answers to 2 decimal places, e.g. 5,275.75.) Ending inventory Cost of goods sold $ Weighted Average

Name: Inventory data for Tamarisk Company are reported as follows:Number of
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Description: Inventory data for Tamarisk Company are reported as follows:Number ofDateExplanationUnitsUnit CostTotal CostJune 1Beginning inventory400$5$2,00012Purchase60063,60023Purchase50073,500Assume a sale of 640 units occurred on June 15 for a selling price

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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