upsledugen.wileyplus.com/edugen/Iti/main.uni Return to Blackboard immel, Financi

Question

upsledugen.wileyplus.com/edugen/Iti/main.uni Return to Blackboard immel, Financial Accounting, 8e l System Announcements Question 1 Grouper Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Explanation Units Unit Cost Total Cost Date May 1 Inventory 15 24 31 23 38 92 $279 230 418 $927 $9 10 Purchase Purchase Total Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to o decimal places, e.g. 125 LIFO AVERAGE-COST FIFO The ending inventory at May 31 s Question Attempts: 0 of 1 us

Explanation / Answer

Ans.1 Weighted average unit cost    =    927 / 92 10.076 *Calculation : Explanation Units Inventory 31 9 279 Purchase 23 10 230 Purchase 38 11 418 Total 92 927 Weighted average unit cost = Total cost / Total Units Ans.2 FIFO LIFO AVERAGE COST Ending Inventory 264 216 242 Ending inventory Units = Total units available - Sold units 92 - 68 24 units *Calculation: Fifo: Date units unit cost total cost 24-May 24 11 264 Lifo Date units unit cost total cost 1-May 24 9 216 Average cost: Ending inventory units * Average cost per unit 24 * 10.076 242

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.