Mary Company uses the periodic inventory system. The following May data are for an item in...

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Mary Company uses the periodic inventory system. The following May data are for an item in Mary's inventory: May 1 Beginning inventory, 150 units @ $30 per unit. 12 Purchased 100 units @ $35 per unit. 16 Sold 180 units. 24 Purchased 170 units @ $40 per unit. Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Round the cost per unit to three decimal places and your final answers to the nearest dollar. Mary Company uses the periodic inventory system. The following May data are for an item in Mary's inventory: May 1 Beginning inventory, 150 units @ $30 per unit. 12 Purchased 100 units @ $35 per unit. 16 Sold 180 units. 24 Purchased 170 units @ $40 per unit. Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Round the cost per unit to three decimal places and your final answers to the nearest dollar.

Answer rating: 100% (QA)

To calculate the cost of goods sold for May and the ending inventory at May 31 using different inventory valuation methods we need to determine the co... View the full answer