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Some of the information found on a detailed inventory card for Blue Spruce Stationery Ltd. for May is as follows: Received Unit No. of Units
Some of the information found on a detailed inventory card for Blue Spruce Stationery Ltd. for May is as follows: Received Unit No. of Units Cost 990 $2.90 3.00 Issued No. of Units Date May 1 (opening balance) 900 600 520 3.20 Balance No. of Units 990 1,890 1,290 1,810 1,370 1,960 960 1,380 2,080 2,680 1,580 850 3.30 440 260 1,000 1,120 3.40 700 1,300 3.60 1,100 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, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.) Ending Inventory First-in, first-out (FIFO) $ 5688 Weighted average cost $ 5150.80
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