Exercise 6-05

Cheyenne Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold.

Date		Explanation		Units		Unit Cost		Total Cost
May 1		Inventory		32		$9		$288
15		Purchase		28		10		280
24		Purchase		40		11		440
		Total		100				$1,008

	Your answer is correct.

Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average unit cost

$Enter the Weighted-average unit cost in dollars

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Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory at May 31		$Enter a dollar amount		$Enter a dollar amount		$Enter a dollar amount