Tipp Topp Company reports the following for the month of June. $\begin{array}{rlcr}
& \underline{\text { Units}}& \underline{\text { Unit Cost }}& \underline{\text { Total Cost }}\
\text { June } 1 \text { Inventory } & 300 & \$ 5 & \$ 1,500 \
12 \text { Purchase } & 450 & 6 & 2,700 \
23 \text { Purchase } & 750 & 7.60 & 5,700 \
30 \text { Inventory } & 180 & &
\end{array}$
Instructions
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
(b) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.

Question

Tipp Topp Company reports the following for the month of June. $\begin{array}{rlcr}
& \underline{\text { Units}}& \underline{\text {  Unit Cost }}& \underline{\text { Total Cost }}\
\text { June } 1 \text { Inventory } & 300 & \$ 5 & \$ 1,500 \
12 \text { Purchase } & 450 & 6 & 2,700 \
23 \text { Purchase } & 750 & 7.60 & 5,700 \
30 \text { Inventory } & 180 & &
\end{array}$
 Instructions
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
(b) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.

Quizplus · Accepted Answer

The Answer of Tipp Topp Company reports the following for the month of June. $\begin{array}{rlcr}
& \underline{\text { Units}}& \underline{\text {  Unit Cost }}& \underline{\text { Total Cost }}\
\text { June } 1 \text { Inventory } & 300 & \$ 5 & \$ 1,500 \
12 \text { Purchase } & 450 & 6 & 2,700 \
23 \text { Purchase } & 750 & 7.60 & 5,700 \
30 \text { Inventory } & 180 & &
\end{array}$
 Instructions
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
(b) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.

Tipp Topp Company Reports the Following for the Month of June