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
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
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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