Question

i need help with the a3 question

S Weygandt, Accounting Principles, 13e Exercise 6-17 a1-a3 (Part Level Submission) (Video) Moath Company reports the following for the month of June. Unit Cost Date Explanation Units Total Cost 200 $5 June 1 12 6 Inventory Purchase Purchase Inventory $1,000 2,400 2,100 400 300 100 23 7 30 Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 unit (a1) Your answer is correct. Calculate cost of goods available for sale. The cost of goods available for sale 5500 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT VIDEO: SIMILAR EXERCISE

Answer 1

	FIFO	LIFO
cost of ending inventory	700	500
cost of goods sold	4800	5500

Explanation

FIFO

Beginning inventory (200 × $5) $1,000

Purchases

June12 (400 × $6) $2,400

June23 (300 × $7) $2,100

Cost of goods available for sale $5,500

Less: Ending inventory (100 × $7) $700

Cost of goods sold $4,800

LIFO

Cost of goods available for sale $5,500

Less: ending inventory (100 x $5) $500

Cost of goods sold. $5000