Metlock Coffee Equipment sells European-style coffee makers and uses a periodic inventory system. Its inventory records show that at June 1, Metlock had 14 units on hand at a cost of $242 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per Unit Date Transaction Units Cost Sales Price June 10 Sale 8 $548 15 Sale 5 $548 20 Purchase 6 $232 22 Purchase 4 $256 30 30 Sale 7 $516 For each of the following cost formulas, calculate the ending inventory at June 30 and the cost of goods sold for the month of June. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.25.) Ending inventory $ Cost of goods sold $ H - L FIFO +A $ Weighted Average +A $

Metlock Coffee Equipment sells European-style coffee makers and uses a periodic inventory system. Its inventory records show that at June 1, Metlock had 14 units on hand at a cost of $242 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per Unit Date Transaction Units Cost Sales Price June 10 Sale 8 $548 15 Sale 5 $548 20 Purchase 6 $232 22 Purchase 4 $256 30 30 Sale 7 $516 For each of the following cost formulas, calculate the ending inventory at June 30 and the cost of goods sold for the month of June. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.25.) Ending inventory $ Cost of goods sold $ H - L FIFO +A $ Weighted Average +A $

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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Starshine Coffee Equipment sells European style coffee makers and uses a perpetual inventory system. Its inventory records show that on June 1, Starshine had 12 units on hand at a cost of $220 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per unit Date Transaction Units Cost Sales price June 10 Sale 3 $510 June 15 Sale 4 $510 June 20 Purchase 5 $230 June 22 Purchase 6 $240 June 30 Sale 10 $500 For each of the following cost formulas, calculate the ending inventory as at June 30 and the cost of goods sold for the month of June. Prove the cost of goods sold calculations (Use Average method)
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