Question
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
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