Question: show calculations please 1. 1 During May, the following changes in inventory took place: SHOW ALL CALCULATIONS May 1 14 24 Balance Purchases Purchases 1,100
1. 1 During May, the following changes in inventory took place: SHOW ALL CALCULATIONS May 1 14 24 Balance Purchases Purchases 1,100 units $25 = 800 units @ 536 700 units $30 $27.500 28,800 21,000 May 8 19 29 Sold Sold Sold 500 units $50 300 units @ $49 600 units @ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. a Compute the cost of Goods Sold to be recognized in the journal entry on May 29 assuming (1). LIFO (2) 1. What is the moving average cost per unit of ending Inventory? (Round to the nearest penny) a. Assuming that the company uses the PERIODIC method rather than the perpetual, determine each of the following: a. Ending inventory under LIFO b. Cost of Goods Sold under FIFO c. Weighted Average cost per unit for the month 1. 1 During May, the following changes in inventory took place: SHOW ALL CALCULATIONS May 1 14 24 Balance Purchases Purchases 1,100 units $25 = 800 units @ 536 700 units $30 $27.500 28,800 21,000 May 8 19 29 Sold Sold Sold 500 units $50 300 units @ $49 600 units @ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. a Compute the cost of Goods Sold to be recognized in the journal entry on May 29 assuming (1). LIFO (2) 1. What is the moving average cost per unit of ending Inventory? (Round to the nearest penny) a. Assuming that the company uses the PERIODIC method rather than the perpetual, determine each of the following: a. Ending inventory under LIFO b. Cost of Goods Sold under FIFO c. Weighted Average cost per unit for the month
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
