VanderMeer Inc. reported the following information for the month of May: Inventory, May 1 57 units @
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Question:
VanderMeer Inc. reported the following information for the month of May:
Inventory, May 1 | 57 units @ $20 | |
Purchase: | ||
May 7 | 58 units @ $22 | |
May 18 | 61 units @ $23 | |
May 27 | 46 units @ $25 |
During May, VanderMeer sold 140 units. The company uses a periodic inventory system.
Required:
What is the value of ending inventory and cost of goods sold for May under the following assumptions.
Assumption | Cost of Goods Sold | Ending Inventory |
1. Of the 140 units sold, 48 cost $20, 41 cost $22, 46 cost $23, and 5 cost $25. | ||
2. FIFO | ||
3. LIFO | ||
4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) |
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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