Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is for the inventory of mini-kettles at Marigold Company Limited for the month of May. Unit Price Total Date May 1 6

image text in transcribedimage text in transcribed

The following information is for the inventory of mini-kettles at Marigold Company Limited for the month of May. Unit Price Total Date May 1 6 Units Unit In Cost 120 $4.00 850 4.40 7 $7.40 $2,442 2,442 10 7.40 Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale 430 12 15 4.60 Units Total Sold $480 3,740 330 330 1,978 250 1,380 430 2,392 250 $9,970 1,590 8.00 2,000 300 4.60 18 22 8.00 3,440 25 520 4.60 30 7.40 1,850 $12,174 Totals 2,220 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $ eTextbook and Media Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.) Ending inventory $ e Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Method And Meaning Teachers Guide

Authors: R.M.S. Wilson

2nd Edition

0412436205, 978-0412436208

More Books

Students also viewed these Accounting questions

Question

Why does a marketing plan need a champion or an ownership team?

Answered: 1 week ago

Question

What are the relevant aspects of consumer behavior and product use?

Answered: 1 week ago