Question
Maple Leaf Inc. uses a periodic inventory system. It entered into the following purchases and sales transactions for May. Date Activities Units Acquired at Cost
Maple Leaf Inc. uses a periodic inventory system. It entered into the following purchases and sales transactions for May.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning inventory | 180 units @ $50 per unit | |
May 6 | Purchase | 400 units @ $55 per unit | |
May 10 | Sales | 420 units @ $80 per unit | |
May 18 | Purchase | 250 units @ $60 per unit | |
May 24 | Purchase | 320 units @ $65 per unit | |
May 28 | Sales | 300 units @ $90 per unit |
For specific identification, the May 10 sale consisted of 100 units from beginning inventory and 320 units from the May 6 purchase; the May 28 sale consisted of 130 units from the May 18 purchase and 170 units from the May 24 purchase.
- Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)
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