The following information is for the inventory of mini-kettles at Concord Company Limited for the month of May. Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 140 $4.40 $616 6 Purchase 800 4.40 3,520 7 Sale 350 $7.20 $2,520 10 Sale 350 7.40 2,590 12 Purchase 410 4.60 1,886 15 Sale 220 7.80 1,716 18 Purchase 310 4.80 1,488 22 Sale 410 8.00 3,280 25 Purchase 550 4.60 2,530 30 Sale 220 7.60 1,672 Totals 2,210 $10,040 1,550 $11,778 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $ Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.) Ending inventory $

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterC: Inventory Methods

Section: Chapter Questions

Problem 1P: Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and...

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

Date		Transaction		Units In		Unit Cost		Total	Units Sold		Unit Price	Total
May 1			Balance		140			$4.40		$616
6			Purchase		800			4.40		3,520
7			Sale									350		$7.20	$2,520
10			Sale									350		7.40	2,590
12			Purchase		410			4.60		1,886
15			Sale									220		7.80	1,716
18			Purchase		310			4.80		1,488
22			Sale									410		8.00	3,280
25			Purchase		550			4.60		2,530
30			Sale									220		7.60	1,672
Totals	2,210						$10,040		1,550				$11,778

Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO.

Ending inventory

Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.)

Ending inventory

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