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1. Given the following information for Goode Company: May 1 Beginning inventory 18 units @ $4 per unit May 7 Purchase 12 units @ $5
1. Given the following information for Goode Company:
May 1 | Beginning inventory | 18 units @ $4 per unit |
May 7 | Purchase | 12 units @ $5 per unit |
May 10 | Sale | 14 units |
May 17 | Purchase | 10 units @ $6 per unit |
May 19 | Sale | 4 units |
Required: Answer the following questions for Goode Company:
a. | If FIFO is in use, what is the total ending inventory in dollars? |
b. | If perpetual LIFO is in use, what is the cost of goods sold for the month? |
c. | If weighted average is in use, what is the ending inventory? |
Please Assist.
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