The following information is for the inventory of mini-kettles at Bramble Company Limited for the month of May.

Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. What's the ending inventory?

Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. What's the ending inventory?

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Date May 1 6 7 10 12 15 18 22 25 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Units In 110 830 400 330 560 2,230 Unit Cost $4.00 4.40 5.00 5.00 4.60 Total $440 3,652 2,000 1,650 2,576 $10,318 Units Sold 300 300 200 400 200 1,400 Unit Price $7.40 7.40 7.60 7.80 7.40 Total $2,220 2,220 1,520 3,120 1,480 $10,560 Date May 1 6 7 10 12 15 18 22 25 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Units In 110 830 400 330 560 2,230 Unit Cost $4.00 4.40 5.00 5.00 4.60 Total $440 3,652 2,000 1,650 2,576 $10,318 Units Sold 300 300 200 400 200 1,400 Unit Price $7.40 7.40 7.60 7.80 7.40 Total $2,220 2,220 1,520 3,120 1,480 $10,560

Answer rating: 100% (QA)

FIFO method Date Purchase Sales Ending Balance Units Unit cost Total Cost Units Unit cost Cost of Go... View the full answer