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E6-8 Inventory data for Yount Company are presented in E6-6.

Price: $1.99

Yount Company reports the following for the month of June.

  Units Unit Cost Total Cost
1-Jun Inventory  200 $5  $1,000
12 Purchase  300 6  $1,800
23 Purchase  500 7  $3,500
30 Inventory  120

(a) Compute the cost of the ending inventory and the cost of goods sold using the average-cost
(b) Will the results in (a) be higher or lower than the results under (1) FIFO and (2) LIFO?
(c) Why is the average unit cost not $6?

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