Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14-400 units at $9.10 May 21-100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $_ 2. FIFO - Ending Inventory = $_ 3. LIFO - Ending Inventory = $_ Attach File Browse Local Files ; Cost of Goods Sold = $_ Cost of Goods Sold = $_ Cost of Goods Sold = $_ Browse Content Collection
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14-400 units at $9.10 May 21-100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $_ 2. FIFO - Ending Inventory = $_ 3. LIFO - Ending Inventory = $_ Attach File Browse Local Files ; Cost of Goods Sold = $_ Cost of Goods Sold = $_ Cost of Goods Sold = $_ Browse Content Collection
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1
consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the
following purchases and sales were made.
Purchases
May 6-300 units at $7.20
May 14 - 400 units at $9.10
May 21 100 units at $11.50
May 28-500 units at $11.80
At the end of May they had an inventory of 400 units left.
Instructions: Compute the ending inventory and cost of goods sold under (a)
Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations.
1. Average - Ending Inventory = $____; Cost of Goods Sold = $_
2. FIFO - Ending Inventory = $_
; Cost of Goods Sold = $_
3. LIFO - Ending Inventory = $_
Cost of Goods Sold = $_
Attach File
Browse Local Files
Browse Content Collection](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ca35aa5-9357-4809-ac84-51625c94e4c3%2Fb9ca4aa3-f45d-4573-bcf3-fdb331bdfd97%2Fjcay6r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1
consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the
following purchases and sales were made.
Purchases
May 6-300 units at $7.20
May 14 - 400 units at $9.10
May 21 100 units at $11.50
May 28-500 units at $11.80
At the end of May they had an inventory of 400 units left.
Instructions: Compute the ending inventory and cost of goods sold under (a)
Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations.
1. Average - Ending Inventory = $____; Cost of Goods Sold = $_
2. FIFO - Ending Inventory = $_
; Cost of Goods Sold = $_
3. LIFO - Ending Inventory = $_
Cost of Goods Sold = $_
Attach File
Browse Local Files
Browse Content Collection
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