The following information is for the inventory of mini-kettles at Culver Company Limited for the month of
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The following information is for the inventory of mini-kettles at Culver Company Limited for the month of May:
Date | Transaction | Units In | Unit Cost | Total | Units Sold | Unit Price | Total | ||||||||||||||
May 1 | Balance | 120 | $4.40 | $528 | |||||||||||||||||
6 | Purchase | 810 | 4.50 | 3,645 | |||||||||||||||||
7 | Sale | 350 | $7.20 | $2,520 | |||||||||||||||||
10 | Sale | 350 | 7.60 | 2,660 | |||||||||||||||||
12 | Purchase | 430 | 4.80 | 2,064 | |||||||||||||||||
15 | Sale | 240 | 8.00 | 1920 | |||||||||||||||||
18 | Purchase | 320 | 4.90 | 1,568 | |||||||||||||||||
22 | Sale | 430 | 7.80 | 3,354 | |||||||||||||||||
25 | Purchase | 530 | 4.40 | 2,332 | |||||||||||||||||
30 | Sale | 240 | 7.40 | 1,776 | |||||||||||||||||
Totals | 2,210 | $10,137 | 1,610 | $12,230 |
1) Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO.
2)Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average
Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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