Company Purchases-May Purchases - Units and Unit Costs May 1 Balance on hand 100 @ $6.00 May 4 300 @ $6.15 11 400 @ $6.25 18 200 @ $6.55 26 600 @ $6.75 31 200 @ $6.90 Part 1: Compute the inventory at May 31 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. 1. First-in, first-out 2. Last-in, first 3. Average cost (i.e., weighted average Sales Total Units - 5 300 12 200 27 800 28 150 Purchases - Units Sales May 1 Balance 100 May Total Units 5 300 Assume costs are not computed for each withdrawal: First-in, first-out Date of Invoice Last-in, first-out Date of Invoice Average-cost Date of Invoice No. Units Unit Cost Total Cost Inventory, May 31 = No. Units Unit Cost Total Cost Inventory, May 31 = No. Units Unit Cost Total Cost 1-May 100 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in (1), (2), and (3) above? (Carry average unit costs to four decimal places.) Assume costs are computed for each withdrawal. 1 First-in, first-out 2 Last-in, first-out Purchased Sold Balance Date No. of units Unit cost units cost units cost Amount 3 Average-cost Inventory, May 31 = Purchased Sold Balance Date No. of units Unit cost No. of units Unit cost units Unit cost Amount 1-May 4-May 5-May 11-May 12-May 18-May 26-May 27-May 28-May 31-May Inventory, May 31 = Part 3 Instructions: Create an example note to the financial statement disclosing one of the inventory valuation methods listed in the problem in the space below