Yount Company reports the following for the month of June Da

Yount Company reports the following for the month of June:

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 200 $5 $1,000
June 12 Purchases 300 6 1,800
June 23 Purchases 500 7 3,500
June 30 Inventory 120

Incorrect.

Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

FIFO LIFO
Ending Inventory $ 840 $
Cost of goods sold $ 5460 $

FIFO Cost of good sold =200*$5 + 300*$6 +380*$7 = 1000 + 1800 +2660 =$5460 Cost of Inventory Opening Inventory + cost of purchase - cost of good sold 1000+(1800+3500)-5460 $840 LIFO Cost of good sold =500*$7+300*$6 +80*$5 =$5700 Cost of inventory 1000+(1800+3500)-5700 =$600 Please Rate: Lifesaver

Yount Company reports the following for the month of June Da

Solution

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