Suffolk County Community Co ×y wileeus Exercise 6-16 (Part Level Sub x C ? secur

Question

Suffolk County Community Co ×y wileeus Exercise 6-16 (Part Level Sub x C ? secure https:/ n.uni Reburn to Blackboard WileyPLUS ome Read, Study & Practice ssignment> Open Assignment Weygandt, Accounting Principles, 12e Help I S Gradebook ORION Downloadable eTextboek TIMER Start Time: 02:09 PM/ Renasining 100 mn Exercise 6-16 (Part Level Submission) Moath Company reports the following for the month of June CC101 X2 PART2 Unit Date Explanation Units Cost Total Cost June 1 Inventory E Brief Exercise - 2,752 6,192 5,160 344 $8 12 Purchase688 9 23 Purchase516 10 30 Inventory172 Review Score bjective Assume a sale of 757 units occurred on June 15 for a selling price of $11 and a sale of 619 units on June 27 for $12 (a1) Your answer is correct Calculate cost of goods available for sale. The cost of goods available for sale

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jun 344 8 2752 12-Jun 688 9 6192 344 8 2752 688 9 6192 15-Jun 344 8 2752 413 9 3717 275 9 2475 23-Jun 516 10 5160 275 9 2475 516 10 5160 27-Jun 275 9 2475 344 10 3440 172 10 1720 TOTAL 1204 11352 1376 12384 172 1720 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jun 344 8 2752 12-Jun 688 9 6192 344 8 2752 688 9 6192 15-Jun 688 9 6192 69 8 552 275 8 2200 23-Jun 516 10 5160 275 8 2200 516 10 5160 27-Jun 516 10 5160 103 8 824 172 8 1376 TOTAL 1204 11352 1376 12728 172 1376 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jun 344 8 2752 12-Jun 688 9 6192 344 8 2752 688 9 6192 Average 1032 8.67 8944 15-Jun 757 8.67 6563 275 8.67 2381 23-Jun 516 10 5160 275 8.67 2381 516 10 5160 Average 791 9.53 7541 27-Jun 619 9.53 5899 172 9.53 1642 TOTAL 1204 11352 1376 12462 172 1642 Req A: Cost of Goods available ffor asle: Inventory (344 units@8) 2752 Purchase-June12 (688 units @9) 6192 Purchase-June 23(516 units @10) 5160 Total Cost of Goods available f or sale 14104 Req B: FIFO LIFO Average Ending Inventory 1720 1376 1642 Cost of goods sold 12384 12728 12462

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