Mary Company uses the periodic inventory system. The following May data are for an item in Mary's
Question:
Mary Company uses the periodic inventory system. The following May data are for an item in Mary's inventory:
May
1 Beginning inventory, 150 units \(@ \$ 30\) per unit.
12 Purchased 100 units \(@ \$ 35\) per unit.
16 Sold 180 units.
24 Purchased 170 units \(@ \$ 40\) per unit.
Calculate the cost of goods sold for May and ending inventory at May 31 using
(a) first-in, first-out,
(b) last-in, first-out,
(c) the weighted-average cost method.
Round the cost per unit to 3 decimal places and your final answers to the nearest dollar.
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