The Following Are Data Available for Blue Grass for the Month

question 13

Essay

The following are data available for Blue Grass for the month of June:
$\begin{array}{ll}\text { Sales } & 2,400 \text { units } \\\text { Beginning inventory } & 600 \text { units @ } \$ 8.00 \\ \text { Purchases, in chronological order } & 1,200 \text { units @ } \$ 8.40\\&800 \text { units@\$8.80 } \\&1,000 \text { units @\$9.00 }\end{array}$

(a.)Calculate cost of goods sold and ending inventory under the following cost flow assumptions:
(1.)Weighted-average
(2.)FIFO
(3.)LIFO
(b.)Assume net income using the weighted average cost flow assumption was $12,800.Calculate net income under FIFO and LIFO.

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Definitions:

Sensory Receptor

Specialized cells or nerve endings that respond to changes in the environment by generating electrical signals.

Neural Pathways

Networks of neurons connected by synapses, which transmit signals from one part of the body or brain to another.

Voluntary Responses

Actions that are consciously controlled by the brain, often in response to stimuli or as part of deliberate movement or decision-making.

Involuntary Responses

Reflex actions that occur without conscious control, such as breathing, blinking, or the heartbeat.