Question

IS Melp System Announcements weygandt, Accounting Principles, 13e CALEULATOR PRINTER VERSION Exercise 6-06 (Video) Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Units Unit Cost May 1 15 Inventory Purchases $8 11 30 28 37 95 Total Cost $240 308 444 24 Purchases 12 Totals $992 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. LIFO FIFO Ending inventory at May 31 $ Cost of goods sold $ Click If you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEOS SIMILAR EXERCISE Question Attempts: 0 of 5 used SAVE FOR LATER SUB

Answer 1

Cost of Goods Sold Ending Inventory FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale 30 8.00 240 # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 30 8.00 240 0 8.00 0 Beginning Inventory Purchases: May-15 May-24 Total 28 37 95 11.00 12.00 308 444 992 28 15 73 11.00 12.00 308 180 728 0 22 22 11.00 12.00 0 264 264

Cost of Goods Sold Ending Inventory LIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale 30 8.00 240 # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 8 8.00 64 22 8.00 176 Beginning Inventory Purchases: May-15 May-24 Total 28 28 308 0 0 11.00 12.00 308 444 992 11.00 12.00 11.00 12.00 37 95 0 37 73 444 816 0 176 22