Question

Exercise 8-18 The following information is for the inventory of mini-kettles at Bridgeport Company Limited for the month of May. Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 130 $4.40 $572 6 Purchase 850 4.40 3,740 7 Sale 330 $7.40 $2,442 10 Sale 330 7.60 2,508 12 Purchase 430 4.80 2,064 15 Sale 250 7.80 1,950 18 Purchase 330 4.80 1,584 22 Sale 430 7.80 3,354 25 Purchase 520 4.60 2,392 30 Sale 250 7.40 1,850      Totals 2,260 $10,352 1,590 $12,104 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $Enter your answer in accordance to the question statement Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.) Ending inventory $Enter your answer in accordance to the question statement

Answer 1

ANSWER = 1
FIFO METHOD
		PURHASES			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
May, 01	Beginning inventory							130	$           4.40	$572
May, 06	Purhcases	850	$                4.40	$3,740				130	$           4.40	$572
								850	$           4.40	$3,740
May, 07	Sales				130	$               4.40	$572
					200	$               4.40	$880	650	$           4.40	$2,860
May, 10	Sales				330	$               4.40	$1,452	320	$           4.40	$1,408
May,12	Purchases	430	$                4.80	$2,064				320	$           4.40	$1,408
								430	$           4.80	$2,064
May, 15	Sales				250	$               4.40	$1,100	70	$           4.40	$308
								430	$           4.80	$2,064
May,18	Purchases	330	$                4.80	$1,584				70	$           4.40	$308
								430	$           4.80	$2,064
								330	$           4.80	$1,584
May, 22	Sales				70	$               4.40	$308
					360	$               4.80	$1,728	70	$           4.80	$336
								330	$           4.80	$1,584
May, 25	Purchases	520	$                4.60	$2,392				70	$           4.80	$336
								330	$           4.80	$1,584
								520	$           4.60	$2,392
					70	$               4.80	$336
					180	$               4.80	$864	150	$           4.80	$720
								520	$           4.60	$2,392
		2,130		$9,780	1,590		$7,240	670		$3,112
	ANSWER = Ending inventory =	$3,112
ANSWER = 1
MOVING AVERAGE METHOD
		PURHASES			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
May, 01	Beginning inventory							130	$           4.40	$572
May, 06	Purhcases	850	$                4.40	$3,740				980	$           4.40	$4,312
May, 07	Sales				330	$               4.40	$1,452	650	$           4.40	$2,860
May, 10	Sales				330	$               4.40	$1,452	320	$           4.40	$1,408
May,12	Purchases	430	$                4.80	$2,064				750	$           4.63	$3,472
May, 15	Sales				250	$               4.63	$1,157	500	$           4.63	$2,315
May,18	Purchases	330	$                4.80	$1,584				830	$           4.70	$3,899
May, 22	Sales				430	$               4.70	$2,020	400	$           4.70	$1,879
May, 25	Purchases	520	$                4.60	$2,392				920	$           4.64	$4,271
May, 30	Sales				250	$               4.64	$1,161	670	$           4.64	$3,110
		2,130		$9,780	1,590		$7,242	670		$3,110
	ANSWER = Ending inventory =	$3,110