Calculate the cost of good sold for may and the ending inventory at may 31 using the average cost formula Current Attempt in ProgressGrouper Inc. uses a perpetual inventory system. Its records show the following for the month of May.DateMay1May 15MayMay1824Explanation UnitsInventoryPurchaseSalePurchaseTotal803125(49)3744888F4UnitCost$8910TotalCost$248225370$843F6F7 5)Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.)Cost of goods soldEnding InventorySave for Later$eTextbook and Media80F3$888F4%5F56&7F7Attempts: 0 of 2 used Submit AnswerDII

Cost of goods sold = Number of units sold × Average unit cost on may 18

Grouper Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May 15 May May 1 18 24 Explanation Units Inventory Purchase Sale Purchase Total 80 F3 31 25 (49) 37 44 F4 Unit Cost $8 9 10 F5 Total Cost $248 225 370 $843 8

Grouper Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May 15 May May 1 18 24 Explanation Units Inventory Purchase Sale Purchase Total 80 F3 31 25 (49) 37 44 F4 Unit Cost $8 9 10 F5 Total Cost $248 225 370 $843 8

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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Question

Calculate the cost of good sold for may and the ending inventory at may 31 using the average cost formula

Current Attempt in Progress
Grouper Inc. uses a perpetual inventory system. Its records show the following for the month of May.
Date
May
1
May 15
May
May
18
24
Explanation Units
Inventory
Purchase
Sale
Purchase
Total
80
31
25
(49)
37
44
888
F4
Unit
Cost
$8
9
10
Total
Cost
$248
225
370
$843
F6
F7

5)
Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3
decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.)
Cost of goods sold
Ending Inventory
Save for Later
$
eTextbook and Media
80
F3
$
888
F4
%
5
F5
6
&
7
F7
Attempts: 0 of 2 used Submit Answer
DII

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Please see image
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