BATAM Unit 3, Activity 3 Assignment Perpetual Inventory using three different methods The Reliable Appliance Mart began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for its popular microwave/convection oven. Purchases Units Unit Cost 7 $150 Sales Unit Price Units 5 $250 8 $170 Date May 1 4 8 12 15 20 25 5 $280 5 $180 4 4 $300 $300 a. Calculate the cost of goods sold and ending inventory using the FIFO method of inventory valuation b. Calculate the cost of goods sold and ending inventory using the LIFO method of inventory valuation c. Calculate the cost of goods sold and ending inventory using the Average Cost method of inventory valuation. d. Record the journal entries for the month of May using the FIFO method. All entries were cash transactions. Sales Units Price Unit 3 Activity 3 Assignment Purchases 3 Date Units Cost 01-May 7 $150 5 04-May 5 08-May 8 $170 7 12-May 3 15-May 5 $180 20-May 025-May 5 $250 5 $280 5 4 4 $300 $300 2 3 4 5 6 7 8 9 0 2 3 4 5 6 7 8 9 O 1 2 5 6 FIFO * Remember the Sale section in this chart is for the cost to the Business not the customer's cost* Purchase Unit Amount Unit Cost Total Cost Sale Unit Cost Total Cost Unit Amount Date Ending Balance Unit Cost Total Cost Unit Amount 01-May 04-May 08-May 12-May 15-May 20-May 25-May Cost of Goods Available for Sale $ - Cost of Goods Sold $ = Ending Inventory $ LIFO 2 Sale Purchase Unit Unit Cost Amount Ending Balance Unit Unit Cost Total Cost Amount Date Unit Amount Total Cost Unit Cost Total Cost 3 4 5 6 7 01-May 04-May 08-May 12-May 8 9 10 11 12 13 15-May 20-May 25-May 15 16 17 18 19 20 21 22 23 24 Cost of Goods Available for Sale $ Cost of Goods Sold $ = Ending Inventory $ Sale Unit Amount Total Cost Ending Balance Unit Unit Cost Amount Total Cost Unit Cost Total Cost Average Cost 2 Purchase Date Unit Unit Cost Amount 01-May 5 04-May 6 08-May 2 12-May 15-May 9 20-May 10 25-May 11 12 13 Cost of Goods Available for Sale 14 15 16 $ - - Cost of Goods Sold $ = Ending Inventory 0.00 General Journal Particulars Page Credit Date Debit 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37