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Compute the May 31 ending inventory and May cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Fill out the $
Compute the May 31 ending inventory and May cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Fill out the $ amount for each question.
Ruxton Company uses a periodic inventory system. At the beginning of May 2015, Ruxton had 100 units at S10 each and made the following purchases: Purchases 100 units at $11 May 6 200 units at $12 14 300 units at $13 21 Instructions: On May 31, 2015, there was 200 units available on hand. Provide appropriate supporting calculations. 1.What is the cost of goods available for sale? C3 points) Beggining inventory 100 $10 1,000 Add: Purchases 100 $11+ 200 $12+300*$13-$7,800 Cost of Goods Avaliable- $1,000+$7,800 $8,800 2. Compute the May 31 ending inventory and May cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Fill out the amount for each question. (a) Average Cost Method (6 points) Ending inventory Cost of Goods Sold (b) FIFO (6 points) Ending inventory E Cost of Goods Sold (c) LIFO (6 points)Step by Step Solution
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