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May 1 Beginning inventory 162 units @ $30 per unit 12 Purchased 112 units@ $35 per unit 16 Sold 180 units @ 24 Purchased 160 units@ $36 per unit

May 1 Beginning inventory 162 units @ $30 per unit 12 Purchased 112 units@ $35 per unit 16 Sold 180 units @ 24 Purchased 160 units@ $36 per unit

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Calculate the cost of goods sold for May and ending inventory at May 31 using a first in first out, last in first out, and weighted average cost methods. Round your final answers to the nearest dollar.
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 162 units@ $30 per unit 12 Purchased 112 units @ $35 per unit 16 Sold 180 units @ 24 Purchased 160 units @ $36 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. A. First-in, First-out: $ 0 Ending Inventory Cost of Goods Sold: B. Last-in, first-out: $ 0 Ending Inventory Cost of Goods Sold: $ C. Weighted-average cost: $ Ending Inventory Cost of Goods Sold $ $ 0 0 0 0
Transcribed Image Text:Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 162 units@ $30 per unit 12 Purchased 112 units @ $35 per unit 16 Sold 180 units @ 24 Purchased 160 units @ $36 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. A. First-in, First-out: $ 0 Ending Inventory Cost of Goods Sold: B. Last-in, first-out: $ 0 Ending Inventory Cost of Goods Sold: $ C. Weighted-average cost: $ Ending Inventory Cost of Goods Sold $ $ 0 0 0 0
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