Question: Maple Leaf Inc. uses a periodic inventory system. It entered into the following purchases and sales transactions for May. Date Activities Units Acquired at Cost

Maple Leaf Inc. uses a periodic inventory system. It entered into the following purchases and sales transactions for May.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

May 1

Beginning inventory

180 units @ $50 per unit


May 6

Purchase

400 units @ $55 per unit


May 10

Sales


420 units @ $80 per unit

May 18

Purchase

250 units @ $60 per unit


May 24

Purchase

320 units @ $65 per unit


May 28

Sales


300 units @ $90 per unit

For specific identification, the May 10 sale consisted of 100 units from beginning inventory and 320 units from the May 6 purchase; the May 28 sale consisted of 130 units from the May 18 purchase and 170 units from the May 24 purchase.

  1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!