Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchase 25 9 225 24 Purchase 39 10 390 Total 94 $855 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchase 25 9 225 24 Purchase 39 10 390 Total 94 $855 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
30
$8
$240
15
Purchase
25
9
225
24
Purchase
39
10
390
Total
94
$855
Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$Enter the Weighted-average unit cost in dollars
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)
FIFO
LIFO
AVERAGE-COST
The ending inventory at May 31
$Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
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