The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 100 units @
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Question:
The inventory records for Radford Co. reflected the following
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 | 100 units @ $4.80 |
Sales @ May 31 | 900 units @ $7.80 |
1.Determine the weighted average cost per unit (rounded) for May.
A.$4.45
B.$4.50
C.$5.12
D.$6.34
2.Determine the amount of ending inventory assuming the FIFO cost flow method.
A.$480
B.$440
C.$400
D.$940
3.Determine the amount of gross margin assuming the FIFO cost flow method.
A.$2,920
B.$3,420
C.$3,000
D.$4,020
Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
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