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Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date Explanation
Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 30 | $ 10 | $ 300 | ||||
15 | Purchase | 25 | 11 | 275 | ||||
24 | Purchase | 38 | 12 | 456 | ||||
Total | 93 | $ 1,031 |
Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)
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