Some of the information found on a detailed inventory card for
Cannery Ltd. for May is as follows:
From the above data, calculate the ending inventory based on each of the following cost formulas. Assume that perpetual inventory records are kept in units only and average cost is calculated monthly at each month end.
Homework Answers
Ending Inventory:
FIFO = 1600 x 3.60 +380 x 3.40 = $7,052
Average Cost = (1230 x 2.90 + 1120x3 + 640x3.2 + 1050x3.30 + 1400x3.40 + 1600x3.60) / (1230 + 1120 + 640 + 1050 + 1400 + 1600) = $3.26
Weighted average cost = 1980 x $3.26 = $6,457.50
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Some of the information found on a detailed inventory card for
Cannery Ltd. for May is...
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Based on results above, and assuming that the average selling
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1,600
7
1,100
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1,600
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1,600
7
1,100
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13
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Please answer this question. The Income Statement is not
complete
Based on results above, and assuming that the average selling
price per unit during May was $7.25, prepare partial income
statements up to the “gross profit on sales” line.
Show transcribed image text
Expert Answer
Youranswer answered this
Was this answer helpful?
0
3
681 answers
Comment
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Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,600
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1,600
7
1,100
500
10
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1,500
13
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18
1,400
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1,000
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1,600
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