1 Inventory data for Martinez Corp. are presented as follows.DateExplanationUnitsUnit CostTotal CostJune 1Inventory122$5$61012Purchases38962,33423Purchases18871,31630Inventory216Assume a sale of 434 units occurred on June 15 for a selling price of $9 and a sale of 49 units on June 27 for $10. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventorysystem. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0decimal places, e.g. 125.)FIFOLIFOMoving-AverageThe cost of the endinginventory$The cost of goods soldLALALA$LA$$LA$LA

The cost of goods sold involves all costs involved in the production of goods that are sold. The…

god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ $ LA $

god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to O decimal places, e.g. 125.) FIFO LIFO Moving-Average The cost of the ending inventory $ $ LA $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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Question

Inventory data for Martinez Corp. are presented as follows.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
122
$5
$610
12
Purchases
389
6
2,334
23
Purchases
188
7
1,316
30
Inventory
216
Assume a sale of 434 units occurred on June 15 for a selling price of $9 and a sale of 49 units on June 27 for $10.

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0
decimal places, e.g. 125.)
FIFO
LIFO
Moving-Average
The cost of the ending
inventory
$
The cost of goods sold
LA
LA
LA
$
LA
$
$
LA
$
LA

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