Question

I'm having trouble figuring this question out and was hoping for some help.

Answer 1

Answer 1 to 4

Summary of answer
Periodic Inventory System	First in First out	Last in First out	Weighted Average
Cost of Supplies Used	$        3,625	$        4,450	$        4,033
Ending Balance of Supplies	$        5,650	$        4,825	$        5,242

Total units used = 300+200 = 500
Method	First in First out				Periodic Inventory System
date	Goods Available for sale			Cost of Supplies Used			Ending Balance of Supplies
	Unit	unit cost	value	Unit	unit cost	value	Unit	unit cost	value
Beginning May 1	500	7.25	3,625	500	7.25	3,625
Purchase May 15	200	8	1,600				200	8	1,600
Purchase May 22	450	9	4,050				450	9	4,050
Total	1150		9,275	500		3,625	650		5,650
Method	Last in First out				Periodic Inventory System
date	Goods Available for sale			Cost of Supplies Used			Ending Balance of Supplies
	Unit	unit cost	value	Unit	unit cost	value	Unit	unit cost	value
Beginning May 1	500	7.25	3,625				500	7.25	3,625
Purchase May 15	200	8	1,600	50	8	400	150	8	1,200
Purchase May 22	450	9	4,050	450	9	4,050
Total	1150		9,275	500		4,450	650		4,825

Method	Weighted Average (Periodic Inventory System)
date	goods Available for sale
	Unit	unit cost	value
Beginning May 1	500	7.25	3,625
Purchase May 15	200	8	1,600
Purchase May 22	450	9	4,050
Total	1150		9,275
Cost of Goods Available for sale			9,275
Divided by: Units Available for sale			1,150
Weighted Average cost per unit			$     8.0652
Cost of Supplies Used	500	$     8.0652	4,033
Ending Balance of Supplies	650	$     8.0652	5,242

Answer 5

Last In First Out (LIFO) Method						Perpetual Inventory System
Date	Purchase			Cost of Supplies Used			Ending Balance of Supplies
	Qty	Price	Value	Qty	Price	Value	Qty	Price	Value
May 1							500	7.25	3625
May 8				300	7.25	2175	200	7.25	1450
May 15	200	8	1600				200	7.25	1450
							200	8	1600
May 22	450	9	4050				200	7.25	1450
							200	8	1600
							450	9	4050
May 27				200	9	1800	200	7.25	1450
							200	8	1600
							250	9	2250
Total				500		$        3,975	650		$    5,300
Ending Balance of Supplies									$    5,300