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Hello, please help me to solve these questions. Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May,
Hello, please help me to solve these questions.
Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date Units Unit Cost Total Cost May 1 Explanation Inventory Purchase 32 $8 $256 15 25 9 225 24 Purchase 43 10 430 Total 100 $911 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. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $ $ $ Oriole Company markets CDs of numerous performing artists. At the beginning of March, Oriole had in beginning inventory 2,600 CDs with a unit cost of $8. During March, Oriole made the following purchases of CDs. March 5 2,100 @ March 21 5,500 @ $9 $10 $11 $12 March 13 3,700 @ March 26 2,100 @ During March 12,000 units were sold. Oriole uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) produces the highest inventory amount. (2) produces the highest cost of goods soldStep by Step Solution
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