Calculate cost of goods sold, ending inventory, and inventory turnover ratio. (LO 3, 6)
The following merchandise inventory transactions occurred during the month of June for the Furlong Corporation
| June 1 | Inventory on hand was 1,000 units at $8.00 each |
| June 7 | Sold 750 units at $10.50 each |
| June 18 | Purchased2 ,000u nits at $8.80e ach |
| June 21 | Sold2,225 units at $10.50 each |
| Jwe2’7 | Purchased2 ,500u nits at $10.00e ach |
Required
a. Assume Furlong uses a periodic inventory system and compute the cost of goods sold for the month ended June 30 and ending inventory at June 30 using each of the following cost flow methods:
1. FIFO
2. LIFO
3. Weighted average cost
b. Using the information for item a, calculate the inventory turnover ratio and days in inventory for the month of June for each method.
c. Assume Furlong uses the perpetual inventory system and compute the cost of goods sold for the month ended June 30 and ending inventory at June 30 using each of the following cost flow methods:
1. FIFO
2. LTFO
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