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A

Anonymous

Feb 11, 2025

Eggers Company reports the following for the month of June.

Eggers Company reports the following information for the month of June:

| Date | Explanation | Units | Unit Cost | Total Cost | |------|--------------|-------|-----------|------------| | June 1 | Inventory | 120 | $5 | $600 | | June 12 | Purchases | 370 | $6 | $2,220 | | June 23 | Purchases | 200 | $7 | $1,400 | | June 30 | Inventory | 230 | | |

Please compute the cost of the ending inventory and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round your answers to zero decimal places, e.g., 125.)

1 Answers

A
Anonymous

Feb 18, 2025

June 1 Inventory 120 $5 $ 600

12 Purchases 370 6 2,220

23 Purchases 200 7 1,400

= 690 units available for sale

= $4,220

FIFO

Ending Inventory

(200 x $7) + (30 x $6) = $1,580

COGS

4,220 - 1,580 = $2,640

LIFO

Ending Inventory

(120 x $5) + (110 x $6) = $1,260

COGS

4,220 - 1,260 = $2,960

Average Cost

4,220 / 690 = $6.12 avg. cost per unit

Ending Inventory

230 x 6.12 = $1,408

COGS

4,220 - 1,408 = $2,812

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