Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 Inventory May 15 Purchase May May 18 Explanation Units 24 Sale Purchase Total 29 24 (49) 38 91 Unit Cost $9 10 11 Total Cost $261 240 418 $919 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.
Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 Inventory May 15 Purchase May May 18 Explanation Units 24 Sale Purchase Total 29 24 (49) 38 91 Unit Cost $9 10 11 Total Cost $261 240 418 $919 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Marigold Inc. uses a perpetual inventory system. Its records show the following for the month of May.
Date
May
May
May
May
Explanation
1 Inventory
15
Purchase
18 Sale
24 Purchase
Total
Cost of goods sold $
Ending Inventory
Units
$
29
24
(49)
38
91
Unit
Cost
$9 $261
10
Total
Cost
11
240
Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.
418
$919
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