A company reports the following merchandise purchases and sales for the month of May. Activities Purchase...

Transcribed Image Text:

A company reports the following merchandise purchases and sales for the month of May. Activities Purchase Date May 1 May 5 Purchase May 10 May 20 May 25 Sales Units Acquired at Cost Units sold at Retail 420 units @ $15 $6,300 290 units @ $18 = $5,220 Purchase Sales 420 units @ $50 340 units @ $22 = $7,480 460 units @ $50 There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of ending inventory? Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Available for unit # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost Ending per unit Inventory May 1 420 $ 15.00 $ 6,300 May 5 290 $ 18.00 5,220 May 20 340 $22.00 7,480 Total 1,050 $ 19,000 0 $ 0 0 $ 0 A company reports the following merchandise purchases and sales for the month of May. Activities Purchase Date May 1 May 5 Purchase May 10 May 20 May 25 Sales Units Acquired at Cost Units sold at Retail 420 units @ $15 $6,300 290 units @ $18 = $5,220 Purchase Sales 420 units @ $50 340 units @ $22 = $7,480 460 units @ $50 There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of ending inventory? Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Available for unit # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost Ending per unit Inventory May 1 420 $ 15.00 $ 6,300 May 5 290 $ 18.00 5,220 May 20 340 $22.00 7,480 Total 1,050 $ 19,000 0 $ 0 0 $ 0