Pharaoh Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold:| Date | Explanation | Units | Unit Cost | Total Cost ||-------|-------------|-------|-----------|------------|| May 1 | Inventory | 34 | $9 | $306 || 15 | Purchase | 26 | $10 | $260 || 24 | Purchase | 40 | $11 | $440 || **Total** | | **100** | | **$1,006** |Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g., 5.125.)Weighted-average unit cost: $10.06Your answer is correct. **Inventory Valuation Exercise****Problem Statement:**Calculate the ending inventory at May 31 using the FIFO, LIFO, and average-cost methods. (Round answers to 0 decimal places, e.g., 125.)**Tables and Values:**- **FIFO** - Ending inventory at May 31: $220- **LIFO** - Ending inventory at May 31: $180- **AVERAGE-COST** - Ending inventory at May 31: $201**User Input Indicator:**- The user's previous answer was incorrect.- Attempts used: 2 of 3**Options:**- Save for Later- Submit AnswerThis exercise is intended to assess your understanding of different inventory valuation methods: FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and the average-cost method. Please ensure calculations are accurate and rounded to zero decimal places.

FIFO (First-In, First-Out) method: This inventory accounting method assumes that the first items…

Pharoah Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date May 1 15 24 (a1) Explanation Inventory Purchase Purchase Total Units 34 26 40 100 Your answer is correct. Unit Cost Weighted-average unit cost $9 $ 10 11 Total Cost $306 260 440 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $1,006 10.06

Pharoah Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date May 1 15 24 (a1) Explanation Inventory Purchase Purchase Total Units 34 26 40 100 Your answer is correct. Unit Cost Weighted-average unit cost $9 $ 10 11 Total Cost $306 260 440 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $1,006 10.06

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 77 units were sold. Explanation Unit Cost Date Units Total Cost May 1 Inventory 32 $9 $288 15 Purchase 25 10 250 42 24 Purchase 11 462 Total 99 $1,000 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $4 $ $4
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