Question
The following information is for the inventory of mini-kettles at Bramble Company Limited for the month of May. Assuming that the perpetual inventory method is
The following information is for the inventory of mini-kettles at Bramble Company Limited for the month of May.
Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. What's the ending inventory?
Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. What's the ending inventory?
Date May 1 6 7 10 12 15 18 22 25 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Units In 110 830 400 330 560 2,230 Unit Cost $4.00 4.40 5.00 5.00 4.60 Total $440 3,652 2,000 1,650 2,576 $10,318 Units Sold 300 300 200 400 200 1,400 Unit Price $7.40 7.40 7.60 7.80 7.40 Total $2,220 2,220 1,520 3,120 1,480 $10,560
Step by Step Solution
3.39 Rating (158 Votes )
There are 3 Steps involved in it
Step: 1
FIFO method Date Purchase Sales Ending Balance Units Unit cost Total Cost Units Unit cost Cost of Go...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
