Question: I am trying to understand, so please be as explicit as possible, show the calculations steps not just answers Date Units Total Cost Price Per
Date Units Total Cost Price Per Unit 1-May 10-May 15-May 28-May 40 75 25 So 190 $ 500 1,500 1,300 1,300 4,600 Total A physical count of merchandise inventory count on May 31st reveals that there are 75 units on hand Q1) Using LIFO inventory method, i) calculate the value of ending inventory on May 31st il) and the amount allocated to the cost of goods sold (COGS) Value of Ending Inventory Cost of Goods Sold Allocated Total Cost of units purchased Value of Ending Inventory COGS less Q2) Using FIFO inventory method, i) calculate the value of ending inventory on May 31st ii) and the amount allocated to the cost of goods sold (COGs) Value of Ending Inventory Cost of Goods Sold Allocated Total Cost of units purchased Value of Ending Inventory COGS less Q3) Using Average Cost inventory method, i) calculate the value of ending inventory on May 31st Average Cost per unit multiply Inventory Units On Hand Average Cost
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