The following inventory transactions took place for NPR Corporation for the month of May: Date Event...
The following inventory transactions took place for NPR Corporation for the month of May:
|
Date |
Event |
Quantity |
Cost/Selling Price |
||
|
May 1 |
Beginning Inventory |
1,000 |
$3.55 |
||
|
May 5 |
Purchase |
6,000 |
3.10 |
||
|
May 10 |
Purchase |
2,000 |
3.75 |
||
|
May 15 |
Sale |
3,000 |
6.00 |
||
|
May 20 |
Sale |
2,000 |
6.00 |
||
|
May 22 |
Purchase |
5,000 |
3.45 |
||
|
May 24 |
Purchase |
2,000 |
3.75 |
||
|
May 25 |
Sale |
7,000 |
6.00 |
||
Required
1. Calculate the ending inventory balance for NPR Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula.
Homework Answers
Calculate ending inventory balance :
| May 1 | Beginning inventory | 1000 | 3550 |
| May 5 | Purchase | 6000 | 18600 |
| May 10 | Purchase | 2000 | 7500 |
| May 22 | Purchase | 5000 | 17250 |
| May 24 | Purchase | 2000 | 7500 |
| Total | Goods available for sale | 16000 | 54400 |
| May 31 | Ending inventory (54400/16000)*4000 | 4000 | 13600 |
so ending inventory is $13600
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