Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
---|---|---|---|---|---|---|---|---|
May 1 |
Inventory |
30 |
$ 10 |
$ 300 |
||||
15 |
Purchase |
25 |
11 |
275 |
||||
24 |
Purchase |
38 |
12 |
456 |
||||
Total |
93 |
$ 1,031 |
Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)
There are many methods to calculate cost of goods sold and ending inventory
Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of...
Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 34 $8 $272 15 Purchase 26 9 234 24 Purchase 40 10 400 Total 100 $906 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round...
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