Krazy kids has been quite successful. They sell all of their inventory in April, and then start buying again in May. We receive cash for all the sales. Here is what we find for the month of May:

Date Description Units / $s

May 1^st Purchase 300 units @ $10

May 5^th Sale100 units @ $150

May 6^th Purchase50 units @ $12

May 8^th Sale225 units $160

A) IF the Company uses the FIFO inventory method, what would be the journal entry the company would make for the sale on May 8^th?

B)If the Company uses the FIFO inventory method, what would be the ending balance of inventory after the sale on May 8^th?

C)Using the same information as above for the May purchases and sales, IF Krazy Kids uses the LIFO inventory method, what would be the journal entry the company would make for the sale on May 8^th?

D)) If the Company uses the LIFO inventory method, what would be the ending balance of inventory after the sale on May 8^th?

E).IF the Company uses the weighted average inventory method, what would be the journal entry the company would make for the sale on May 8^th

F) If the Company uses the Weighted Average inventory method, what would be the ending balance of inventory after the sale on May 8^th

Answer rating: 100% (QA)

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