Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: (Round all per unit calculations to the nearest penny.)
Date Activity Quantity Unit Price
May 1 Beginning Inventory 100 $10.10
May 5 Purchase 200 $11.00
May 15 Purchase 300 $13.00
May 25 Purchase 150 $15.00
Sales were 500 units Ending units $250. Using weighted-average method, determine the dollar values following for the month of May: (Enter only whole dollar values.)
Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: (Round all per unit calculations to the nearest penny.)
Date Activity Quantity Unit Price
May 1 Beginning Inventory 100 $10.10
May 5 Purchase 200 $11.00
May 15 Purchase 300 $13.00
May 25 Purchase 150 $15.00
Sales were 500 units Ending units $250. Using weighted-average method, determine the dollar values following for the month of May: (Enter only whole dollar values.)
Related questions
| LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Suppliesand data on purchases and sales for a three-month period are asfollows:
Required: 1. Record the inventory, purchases, and cost ofmerchandise sold data in a perpetual inventory record similar tothe one illustrated in Exhibit 4, using the last-in, first-outmethod. If units are in inventory at two different costs, enter theOLDEST units first.
2. Determine the total sales, the total cost ofmerchandise sold, and the gross profit from sales for theperiod.
3. Determine the ending inventory cost as ofMay 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flip uses the periodic method and had the following inventoryevents during January:
Date | Units Purchased | Unit Cost | Date | Units Sold | Unit Sales Price |
Jan. 1 | 150 | $7.00 | Jan. 2 | 100 | $10.00 |
Jan. 5 | 225 | 7.25 | Jan. 7 | 125 | 10.00 |
Jan. 10 | 100 | 7.50 | Jan. 12 | 75 | 12.00 |
Jan. 15 | 150 | 7.50 | Jan. 17 | 200 | 12.00 |
Jan. 20 | 200 | 7.75 | Jan. 24 | 150 | 15.00 |
Jan. 25 | 150 | 8.00 | |||
Jan. 30 | 75 | 8.25 |
Note: January 1 amount was the beginninginventory and unit value.
(Round all total dollar values to the nearest dollar. Round allunit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Good Soldunder the following independent assumptions:
1) Ending Inventory and LIFOmethod
2) Ending Inventory and FIFOmethod
3) Ending Inventorhand Average-cost method
