A record of transactions for the month of May is as follows: Purchases (balance) 400 @...

 

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A record of transactions for the month of May is as follows: Purchases (balance) 400 @ $4.00 1,300 @ $4.10 800 @$4.30 700 @ $4.40 1,200 @ $4.50 May 1 4 8 14 22 29 May 3 6 12 18 25 Sales 300 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 500 @ $4.75 Assuming that perpetual inventory records are kept in dollars, calculate the ending inventory using FIFO. Required: a) Assuming that perpetual inventory records are kept in dollars, calculate the ending inventory using FIFO. b) What is the ending inventory balance in dollars if the weighted average-cost basis is used (round to the nearest dollar) A record of transactions for the month of May is as follows: Purchases (balance) 400 @ $4.00 1,300 @ $4.10 800 @$4.30 700 @ $4.40 1,200 @ $4.50 May 1 4 8 14 22 29 May 3 6 12 18 25 Sales 300 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 500 @ $4.75 Assuming that perpetual inventory records are kept in dollars, calculate the ending inventory using FIFO. Required: a) Assuming that perpetual inventory records are kept in dollars, calculate the ending inventory using FIFO. b) What is the ending inventory balance in dollars if the weighted average-cost basis is used (round to the nearest dollar)

Answer rating: 100% (QA)

Relevant cost schedule reasons Sn 1 12 3 14 Particular Direct material a Reasons since material Ais ... View the full answer