K Armed Forces Surplus began May 2021 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 319 stoves, and at May 31, the ending inventory consisted of 51 stoves. The sales price of each stove was $49. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory Data table May 6 110 stoves @ $20 = $ 2,200 May 18 120 stoves @ $25 = 3,000 May 26 40 stoves @ $30 = 1,200 Print Done - X
K Armed Forces Surplus began May 2021 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 319 stoves, and at May 31, the ending inventory consisted of 51 stoves. The sales price of each stove was $49. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory Data table May 6 110 stoves @ $20 = $ 2,200 May 18 120 stoves @ $25 = 3,000 May 26 40 stoves @ $30 = 1,200 Print Done - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:K
Armed Forces Surplus began May 2021 with 100 stoves that cost $10 each. During the month, the company made
the following purchases at cost:
(Click the icon to view the purchases.)
The company sold 319 stoves, and at May 31, the ending inventory consisted of 51 stoves. The sales price of each
stove was $49.
Read the requirements.
Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost,
FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other
amounts to the nearest dollar.
Number of units
Average cost
Cost of goods sold
Ending inventory
Data table
May 6
110 stoves @
$20 =
$ 2,200
May 18
120 stoves @
$25 =
3,000
May 26
40 stoves @
$30 =
1,200
Print
Done
- X
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