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Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of...
Please correct what I did wrong, thank you! Sheffield Inc. uses a perpetual inventory system. Its records show the foll...
Please correct what I did wrong, thank you!
Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Explanation Units Cost Cost Date $7 $203 May 1 Inventory 29 May 15 Purchase 26 8 208 (44) May 18 Sale May 24 Purchase 41 9 369 $780 Total 52 (a) X Your answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the...
Bramble Inc. uses a perpetual inventory system. Its records show the following for the month of...
Bramble Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Date Explanation Units Cost May 1 Inventory 33 $9 May 15 Purchase 25 10 May 18 Sale (45) May 24 Purchase 42 11 Total 55 Total Cost $297 250 462 $1,009 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations...
Question B, please. Marigold Inc. uses a perpetual inventory system. Its records show the following for...
Question B, please.
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 Your answer is correct. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods...
With an explanation please Marigold Inc. uses a perpetual inventory system. Its records show the following...
With an explanation please
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $...
Nabobson Inc. uses a periodic inventory system. Its records show the following for the month of...
Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
$1,479
Calculate the ending inventory at May 31 using the FIFO and
weighted-average cost formulas. (Round calculations for
cost per unit to 4 decimal places, e.g. 10.1252. Round ending
inventory...
Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its...
Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Balance in Units Units 244 Aug. 2 Purchases Unit Cost $73 102 Total Cost $17,812 50,184 244 Purchases 492 736 443 3 10 15 25 Sales Purchases Sales (293) 936 115 107,640 1,379 (331) 1,048 Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
Riverbed Corp 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...
Flint Corporation uses a periodic inventory system. Its records show the following for the month of...
Flint Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 15 Purchase - 34 - 24 - 42 100 $9 10 11 $306 240 462 $1,008 24 Purchase Total 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...
Pearl Industries uses a periodic inventory system. Its records show the following for the month of...
Pearl Industries uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold. Explanation Units Date Unit Cost Total Cost $9 $324 May 1 Inventory 36 Purchase 240 15 24 10 Purchase 24 40 11 440 $1,004 Total 100 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Weighted-average unit cost eTextbook and Media Calculate the ending inventory at May 31 using the FIFO, LIFO...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Units Date May 1 30 Explanation Inventory Purchase Purchase Total Unit Cost $ 9 10 Total Cost $270 250 418 15 38 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average- cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount...
Please correct what I did wrong, thank you!
Sheffield Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Explanation Units Cost Cost Date $7 $203 May 1 Inventory 29 May 15 Purchase 26 8 208 (44) May 18 Sale May 24 Purchase 41 9 369 $780 Total 52 (a) X Your answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the...
Bramble Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Date Explanation Units Cost May 1 Inventory 33 $9 May 15 Purchase 25 10 May 18 Sale (45) May 24 Purchase 42 11 Total 55 Total Cost $297 250 462 $1,009 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations...
Question B, please.
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 Your answer is correct. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods...
With an explanation please
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 29 $9 $261 May 15 Purchase 24 10 240 May 18 Sale (49) May 24 Purchase 38 11 418 Total 42 $919 42 $919 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $...
Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
$1,479
Calculate the ending inventory at May 31 using the FIFO and
weighted-average cost formulas. (Round calculations for
cost per unit to 4 decimal places, e.g. 10.1252. Round ending
inventory...
Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Balance in Units Units 244 Aug. 2 Purchases Unit Cost $73 102 Total Cost $17,812 50,184 244 Purchases 492 736 443 3 10 15 25 Sales Purchases Sales (293) 936 115 107,640 1,379 (331) 1,048 Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $
Flint Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 15 Purchase - 34 - 24 - 42 100 $9 10 11 $306 240 462 $1,008 24 Purchase Total 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...
Pearl Industries uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold. Explanation Units Date Unit Cost Total Cost $9 $324 May 1 Inventory 36 Purchase 240 15 24 10 Purchase 24 40 11 440 $1,004 Total 100 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Weighted-average unit cost eTextbook and Media Calculate the ending inventory at May 31 using the FIFO, LIFO...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Units Date May 1 30 Explanation Inventory Purchase Purchase Total Unit Cost $ 9 10 Total Cost $270 250 418 15 38 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average- cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount...
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