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Ross Inc.s inventory records show the following data relative to an item sold. Date Units Unit cost May 1 Inventory 1,100 $20.50 May 3 Purchases
Ross Inc.s inventory records show the following data relative to an item sold.
Date | Units | Unit cost |
May 1 Inventory | 1,100 | $20.50 |
May 3 Purchases | 10,000 | 20.80 |
May 7 Sales | 5,000 |
|
May 20 Purchases | 8,000 | 21.00 |
May 22 Sales | 8,500 |
|
May 30 Purchases | 3,000 | 21.50 |
Assuming that Ross maintains a periodic inventory system with a monthly physical count, compute ending inventory on May 31 under
- Specific identification
- Weighted average cost
- FIFO
The actual ending units remaining at May 31 are from the following date:
May 1, 500 units
May 3, 1,800 units
May 20, 4,000 units
May 30, 2,300 units
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