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Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 77 units were sold. Date   Explanation   Units   Unit Cost   Total Cost May 1   Inventory   33   $9   $297 15   Purchase   25   10   250 24   Purchase   42   11   462     Total   100       $1,009     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

Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 77 units were sold. Date   Explanation   Units   Unit Cost   Total Cost May 1   Inventory   33   $9   $297 15   Purchase   25   10   250 24   Purchase   42   11   462     Total   100       $1,009     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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 77 units were sold.

Date
  
Explanation
  
Units
  
Unit Cost
  
Total Cost
May 1
  
Inventory
  
33
  
$9
  
$297
15
  
Purchase
  
25
  
10
  
250
24
  
Purchase
  
42
  
11
  
462
   
Total
  
100
      
$1,009
 
 
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

 

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