1 Suffolk County C Secure https://edugen.wileyplus.com/edugen/lti/main.uni Cox W
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1 Suffolk County C Secure https://edugen.wileyplus.com/edugen/lti/main.uni Cox WileyPLUS Return to Blackboard Weygandt, Accounting Principles, 12e Help I System Announcements (1 Unread) ne Read, Study & Practice Gradebook ORION Downloadable eTextbook gnment > Open Assignment TIMER Start Time: 02:09 PM/Remaining: 140 min GNMENT RESOURCES 101 X2 PART 2 ercise 6-5 rercise 6-8(Pert Level Exercise 6-16 (Part Level Submission) Moath Company reports the following for the month of June. Unit Date Explanation Units Cost Total Cost 344 $8 688 9 une 1 Inventory 12 Purchase 23 Purchase16 10 30 Inventory 172 $2,752 6,192 5,160 ew Score w Results by Study ctive 7 units occurred on June 15 for a selling price of $11 and a sale of 619 units on June 27 for $1 ? (a1) ?Your answer is correct. Calculate cost of goods available for sale. The cost of goods available for sale LINK TO TEXT i ?2000-201noonwinasansis. Al Rights Reserved. A Division of latninsulaals eareement i hovasy PolsxExplanation / Answer
(a1) Cost of goods available for sales means Opening stock + Purchase so here
June 1 = $ 2752 opening inventory
June 12 = $ 6192 Purchase
June 23 = $ 5160 purchase
Total = $ 14104 cost of goods available for sale
(a2) Average moving cost = under the moving average inventory method the average cost of each inventory item in stock is re-calculated after every inventory purchase
June 1 = Available stock cost / available stock = $ 2752/344 = $ 8 per unit
June 12 = Available stock cost / available stock = $ 2752+ $ 6192 / 344+688 = $ 8.67 per unit
June 15 = Available stock cost / available stock = $ 9 per unit (Explanation : assuming sale unit on 15 june as fifo method on that remain unit from june 12 purchase balance stock 344+688-757=275 *9 =2475/275 =$ 9 per unit)
June 23 = Available stock cost / available stock = $ 2475+ $ 5160/ 275+516 = $ 7635/791 = $ 9.65 Per unit
June 27 = available stock from last purchase so according to fifo method cost per unit $ 10 per unit
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