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Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula (round to 3 decimal places)
Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula (round to 3 decimal places)
\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Date } & Explanation & Units & \begin{tabular}{l} Unit \\ Cost \end{tabular} & \begin{tabular}{l} Total \\ Cost \end{tabular} \\ \hline May & 1 & Inventory & 30 & $9 & $270 \\ \hline May & 15 & Purchase & 24 & 10 & 240 \\ \hline May & 18 & Sale & (43) & & \\ \hline May & 24 & Purchase & 36 & 11 & 396 \\ \hline & & Total & 90 & & $906 \\ \hline \end{tabular} Step by Step Solution
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