Please answer 1 AND 2

During May, the following changes in inventory took place: SHOW ALL CALCULATION

May

1 Balance 1,100 units @ $25 = $27,500

14 Purchases 800 units @ $36 = 28,800

24 Purchases 700 units @ $30 = 21,000

May

8 Sold 500 units @ $50

19 Sold 300 units @ $49

29 Sold 600 units @ $54

A physical count indicates that 1,200 units are on hand on May 31.

The company uses the PERPETUAL method.

1. Compute the Cost of Goods Sold to be recognized in the journal entry on May 29 assuming:

(a). LIFO

(b). FIFO

2. What is the moving average cost per unit of ending inventory? (Round to the nearest penny)

LIFO =

FIFO =

1. Assuming that the company uses the PERIODIC method rather than the perpetual, determine each of the following:
2. 1. Ending inventory under LIFO __________
   2. Cost of Goods Sold under FIFO _________

1. 3. Weighted Average cost per unit for the month________