At May 1, 2016, Bibby Company had beginning inventory consisting of 200 units with a unit cost of $7
At May 1, 2016, Bibby Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows:
800 units at $7 - $ 5,600
500 units at $9 - $4,500
The company sold 500 units during the month for $12 per unit. Bibby uses the average cost method. The value of Bibby's inventory at May 31, 2016 is
Homework Answers
| Unit | Unit Cost | Total Cost | |
| Beginning Inv | 200 | 7 | 1400 |
| Purchase 1 | 800 | 7 | 5600 |
| Purchase 2 | 500 | 9 | 4500 |
| Total | 1500 | 11500 |
Value of Inventory = 11500/1500*1000 = 7667
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