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Ayayai Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Explanation Units Unit Cost Total Cost May
Ayayai Inc. uses a perpetual inventory system. Its records show the following for the month of May.
Date | Explanation | Units | Unit Cost | Total Cost | ||||||||
May | 1 | Inventory | 28 | $7 | $196 | |||||||
May | 15 | Purchase | 27 | 8 | 216 | |||||||
May | 18 | Sale | (42 | ) | ||||||||
May | 24 | Purchase | 38 | 9 | 342 | |||||||
Total | 93 | $754 |
Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.
Cost of goods sold | $ 308 | |
Ending Inventory | $ 446 |
Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 3 decimal places, e.g 5.255.)
Cost of goods sold | $ | |
Ending Inventory | $ |
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