Cullumber Company uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
---|---|---|---|---|---|---|---|---|
May 1 |
Inventory |
34 |
$9 |
$306 |
||||
15 |
Purchase |
26 |
10 |
260 |
||||
24 |
Purchase |
40 |
11 |
440 |
||||
Total |
100 |
$1,006 |
Incorrect answer iconYour answer is incorrect.
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.
FIFO |
LIFO |
AVERAGE-COST |
||||
---|---|---|---|---|---|---|
The ending inventory at May 31 |
$ | $ | $ |
Average unit cost = Total cost /Total units
= 1006/100
= 10.06
Fifo | lifo | average cost | |
Ending inventory (100-74) |
(26*11) = 286 |
(26*9) = 234 |
(26*10.06) = 261.56 (or) 262 |
Cullumber Company uses a periodic inventory system. Its records show the following for the month of...
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