XYZ Inc. uses the average cost formula in a perpetual inventory system.
(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
Jun 1 Beginning inventory 20 units @ $19.00 per unit
Jun 5 Purchase 100 units @ $22.00 per unit
Jun 8 Sale 70 units
Jun 9 Purchase 80 units @ 22.31 per unit
Jun 10 Sale 25 units
Jun 22 Sale 40 units
59. The cost of goods sold for the June 8 sale is
(a) $1,480.00.
(b) $1,505.00.
(c) $1,527.68.
(d) $1,540.00.
60. The cost of goods sold for the June 10 sale is
(a) $545.60.
(b) $549.96.
(c) $550.00.
(d) $557.75.
61. Total cost of goods sold for the month of June is
(a) $2,914.65.
(b) $2,934.90.
(c) $2,946.24.
(d) $2,994.80.
62. XYZ Inc. has an ending inventory on June 30 of
(a) $1,370.00
(b) $1,418.56.
(c) $1,429.90.
(d) $1,450.15.
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