Question
Skysong, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 81 units were sold. Date Explanation
Skysong, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 81 units were sold.
| Date | Explanation | Units | Unit Cost | Total Cost | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| May 1 | Inventory | 38 | $9 | $342 | |||||||
| 15 | Purchases | 31 | 12 | 372 | |||||||
| 24 | Purchases | 44 | 13 | 572 | |||||||
| Totals | 113 | $1,286 | |||||||||
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.)
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
