Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Crazy Cats Cafs inventory (for one item) activity for April is shown below. Crazy Cats Caf use a perpetual inventory system: Date Transaction Units Unit
Crazy Cats Cafs inventory (for one item) activity for April is shown below.
Crazy Cats Caf use a perpetual inventory system:
Date | Transaction | Units | Unit cost |
1 April | Beginning inventory | 13 | $39 |
7 April | Purchase | 44 | $34 |
9 April | Sale | 33 |
|
14 April | Purchase | 51 | $35 |
30 April | Sale | 26 |
|
Required
Calculate the ending inventory and cost of each sale under the FIFO method.
[5 marks]
Calculate the ending inventory and cost of each sale under the weighted average method.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started