Carla Vista Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 94 units were sold. Date May 1 15 24 Explanation Units Unit Cost Inventory $11 Purchases Purchases Totals Ending inventory at May 31 44 Cost of goods sold 36 51 131 $ 14 $ 15 Total Cost Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO $484 504 765 $1,753 $ $ LIFO $ $ Average-cost
Carla Vista Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 94 units were sold. Date May 1 15 24 Explanation Units Unit Cost Inventory $11 Purchases Purchases Totals Ending inventory at May 31 44 Cost of goods sold 36 51 131 $ 14 $ 15 Total Cost Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO $484 504 765 $1,753 $ $ LIFO $ $ Average-cost
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Carla Vista Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 94 units were sold.
Date
May 1
15
24
Explanation Units Unit Cost
Inventory
Purchases
Purchases
Totals
Ending inventory at May 31
44
Cost of goods sold
36
51
131
$11
14
15
Total Cost
FIFO
$484
504
765
Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost
to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
$1,753
$
$
h
LIFO
LA
Average-cost
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