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Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30.   Date Description Units Unit Cost Total Cost June 27 Purchase 12 $ 8 $ 96 June 28 Purchase 38 9 342 June 29 Purchase 20 11 220 Calculate the cost of ending inventory and the cost of goods sold under LIFO.

Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30.   Date Description Units Unit Cost Total Cost June 27 Purchase 12 $ 8 $ 96 June 28 Purchase 38 9 342 June 29 Purchase 20 11 220 Calculate the cost of ending inventory and the cost of goods sold under LIFO.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30.

 

Date Description Units Unit Cost Total Cost
June 27 Purchase 12 $ 8 $ 96
June 28 Purchase 38 9 342
June 29 Purchase 20 11 220

Calculate the cost of ending inventory and the cost of goods sold under LIFO.

Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30. Date June 27 June 28 June 29 Description Purchase Purchase Purchase Units 12 38 20 Required 1 Required 2 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under LIFO. LIFO Unit Cost $ 8 9 11 Complete this question by entering your answers in the tabs below. Required 3 Total Cost $ 96 342 220 Calculate the cost of ending inventory and the cost of goods sold under LIFO. Cost of Ending Inventory Cost of Goods Sold < Required 2 Required 3 >
Transcribed Image Text:Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30. Date June 27 June 28 June 29 Description Purchase Purchase Purchase Units 12 38 20 Required 1 Required 2 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under LIFO. LIFO Unit Cost $ 8 9 11 Complete this question by entering your answers in the tabs below. Required 3 Total Cost $ 96 342 220 Calculate the cost of ending inventory and the cost of goods sold under LIFO. Cost of Ending Inventory Cost of Goods Sold < Required 2 Required 3 >
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