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
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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