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The inventory records for Radford Company reflect the following: # of units Cost/unit Beginning inventory, May 1 100 units $4.00 First purchase, May 7 300
The inventory records for Radford Company reflect the following:
# of units Cost/unit
Beginning inventory, May 1 100 units $4.00
First purchase, May 7 300 units $4.40
Second purchase, May 17 500 units $4.60
Third purchase, May 23 175 units $4.80
During May, the company sold 900 units at a selling price of $7.80 per unit
Based on the preceding information, determine the following:
- Number of total units available for sale during May
- Total dollar amount of Cost of Goods Available for Sale
- Number of units remaining in inventory on May 31
- Weighted average cost per unit for May; Cost of Goods sold for May using the Weighted Average Cost method
- Cost of Goods Sold for May using the LIFO method
- Ending inventory value at the end of May using the FIFO method
- Total sales revenue for the month of May
- Gross Margin (Profit) for the month of May using the Weighted Average and the LIFO methods.
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