Inventory Costing Methods-Perpetual Method Mary Company uses the perpetual inventory system. The following May data are for an item in Merritt's inventory:   May 1 Beginning inventory 150 units @ $30 per unit   12 Purchased 100 units @ $35 per unit   16 Sold 180 units.       24 Purchased 170 units @ $40 per unit   Calculate the cost of goods sold for the May 16 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. A. First-in, First-out:     Cost of Goods Sold:   B. Last-in, first-out:     Cost of Goods Sold   C. Weighted-average cost:     Cost of Goods Sold

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Chapter1: Financial Statements And Business Decisions
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Inventory Costing Methods-Perpetual Method
Mary Company uses the perpetual inventory system. The following May data are for an item in Merritt's inventory:

 

May 1 Beginning inventory 150 units @ $30 per unit
  12 Purchased 100 units @ $35 per unit
  16 Sold 180 units.    
  24 Purchased 170 units @ $40 per unit

 

Calculate the cost of goods sold for the May 16 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.

A. First-in, First-out:  
  Cost of Goods Sold:
 
B. Last-in, first-out:  
  Cost of Goods Sold
 
C. Weighted-average cost:  
  Cost of Goods Sold
 

 

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