Question: Current Attempt in Progress Your Answer Correct Answer Your answer is partially correct. Rusthe Inc. uses a periodic inventory system. Its records show the following
Current Attempt in Progress Your Answer Correct Answer Your answer is partially correct. Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchase 25 11 275 24 Purchase 45 13 585 Total 100 $1,100 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round average unit cost to 2 decimal places, e.g. 2.51 and final answers to O decimal places, e.g. 125.) Ending inventory at May 31 $ FIFO LIFO 338 211 $ AVERAGE-COST 286
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
