Calculate inventory and cost of goods sold using FIFO, average-cost, and LIFO in a periodic inventory...

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Calculate inventory and cost of goods sold using FIFO, average-cost, and LIFO in a periodic inventory sy E6.6 (LO 2), AP Rusthe Inc. uses a periodic inventory system. Its records show the following for the month o May, in which 74 units were sold. Explanation Total Cost Instructions Date May 1 15 24 Inventory Units 30 Purchase 25 Purchase Total 38 93 Unit Cost $ 9 10 11 $270 250 418 $938 Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average-cost methods. (For average- cost, round the weighted-average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method. Compute inventory and cost of goods sold using periodic FIFO, LIFO, and average-cost. Calculate inventory and cost of goods sold using FIFO, average-cost, and LIFO in a periodic inventory sy E6.6 (LO 2), AP Rusthe Inc. uses a periodic inventory system. Its records show the following for the month o May, in which 74 units were sold. Explanation Total Cost Instructions Date May 1 15 24 Inventory Units 30 Purchase 25 Purchase Total 38 93 Unit Cost $ 9 10 11 $270 250 418 $938 Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average-cost methods. (For average- cost, round the weighted-average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method. Compute inventory and cost of goods sold using periodic FIFO, LIFO, and average-cost.

Answer rating: 100% (QA)

Lets start by calculating the ending inventory at May 31 using the FIFO LIFO and averagecost methods and then well compute the cost of goods sold unde... View the full answer