Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cullumber Company uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date Explanation
Cullumber Company uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 34 | $9 | $306 | ||||
15 | Purchase | 26 | 10 | 260 | ||||
24 | Purchase | 40 | 11 | 440 | ||||
Total | 100 | $1,006 |
Incorrect answer iconYour answer is incorrect.
Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost | $ |
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods.
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory at May 31 | $ | $ | $ |
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