Question 12 of 14 - / 10 View Policies Current Attempt in Progress Some of the information found on a detailed inventory card for Whispering Winds Stationery Ltd. for May is as follows: Received Unit No. of Units Cost 1.210 $2.90 1.100 3.00 Issued No. of Units 740 630 3.20 Date May 1 (opening balance) 2 7 10 13 18 20 23 26 28 31 Balance No. of Units 1.210 2,310 1.570 2.200 1.680 2,410 1.310 1.820 2.670 3,400 2.050 1,050 520 320 1.100 3.30 1360 3.40 850 1.580 3.60 1,350 Question 12 of 14 - / 10 26 850 28 1,580 3.60 2,670 3,400 2,050 31 1,350 From the above data, calculate the ending inventory based on each of the following cost formulas. Assume that perpetual inventory records are kept in units only and average cost is calculated monthly at each month end. (Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to decimal places, eg. 5.275.) Ending Inventory First-in, first-out (FIFO) $ Weighted average cost $ Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the gross profit on sales" line. (Round answers to decimal places, 8.5,275.) Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the gross profit on sales" line. (Round answers to decimal places, eg. 5,275) FIFO $ > $ S Weighted Average S Question 12 of 14 - / 10 $ Weighted Average $ > $ Calculate the gross profit percentage under each inventory cost formula. (Round answers to 1 decimal place, e.g. 527.5.) Question 12 of 14 -/10 1- Calculate the gross profit percentage under each inventory cost formula. (Round answers to 1 decimal place. es. 527.5.) Gross Profit Percentage First-in, first-out (FIFO) % Weighted average cost % Assume the perpetual inventory record is kept in dollars, and costs are calculated at the time of each withdrawal. Recalculate the amounts under this revised assumption. (Round average unit costs to 4 decimal places, eg. 52.7521 and final answers to 2 decimal places, eg, 52.75.) Ending Inventory First-in, first-out (FIFO) S Moving average cost $ the amounts under this revised assumption. (Round average unit costs to 4 decimal places, eg: 52.7521 and final answers to 2 decimal places, eg. 52.75.) Ending Inventory First-in, first-out (FIFO) $ Moving average cost $ Would the ending inventory amounts under each of the two cost formulas above be the same? Attempts: 0 of 2 used Submit Answer Save for Later Using multiple attempts will impact your score 15% score reduction after attempt 1