Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchase 21 10 210 24 Purchase 39 11 429 Total 90

image text in transcribed
image text in transcribed
Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchase 21 10 210 24 Purchase 39 11 429 Total 90 $909 (a) Your answer is correct. Calculate the weighted average unit cost. (Round answer to 3 decimal places, e3.5.125.) Weighted average unit cost $ 10.100 e Textbook and Media Attempts: 1 of 3 used (b) Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to decimal places es: 125) FIFO LIFO AVERAGE-COST S $ The ending inventory at May 31 Flounder Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchase 21 10 210 24 Purchase 39 11 429 Total 90 $909 (a) Your answer is correct. Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Weighted-average unit cost $ 10.100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Leading The Internal Audit Function

Authors: Lynn Fountain

1st Edition

0367568004, 9780367568009

More Books

Students also viewed these Accounting questions

Question

What is carpal tunnel syndrome?

Answered: 1 week ago