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Average Ending Inventory pls Ayayai-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the
Average Ending Inventory pls
Ayayai-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price May 1 120 $ 100 3 80 $ 250 8 100 110 13 80 276 15 60 115 20 60 302 27 40 325 (a) Your answer is partially correct. Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.) FIFO Average Cost of Goods Sold $ 27,600.00 $ 27,764.28 Ending Inventory $ 2,300.00 2,135.71Step by Step Solution
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