Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Metlock, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 94 units were sold. Date Explanation

Metlock, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 94 units were sold.

Date

Explanation

Units

Unit Cost

Total Cost

May 1

Inventory

44

$11

$484

15

Purchases

36

14

504

24

Purchases

51

15

765

Totals

131

$1,753

Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)

FIFO

LIFO

Average-cost

Ending inventory at May 31

$enter the ending inventory at May 31 as per FIFO amount in dollars

$enter the ending inventory at May 31 as per LIFO amount in dollars

$enter the ending inventory at May 31 as per Average-cost amount in dollars

Cost of goods sold

$enter the cost of goods sold as per FIFO amount in dollars

$enter the cost of goods sold as per LIFO amount in dollars

$enter the cost of goods sold as per Average-cost amount in dollars

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

More Books

Students also viewed these Accounting questions

Question

4. Label problematic uses of language and their remedies

Answered: 1 week ago