Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Unit Date Explanation Units Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchases 25 10 250 24 Purchases 38 11 418 Totals 93 $938 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 2$ 209 2$ 171 192 Cost of goods sold 24 24 2$ %24

Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Unit Date Explanation Units Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchases 25 10 250 24 Purchases 38 11 418 Totals 93 $938 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 2$ 209 2$ 171 192 Cost of goods sold 24 24 2$ %24

Name: Rusthe Inc. uses a periodic inventory system. Its records show the fo
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Description: Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.UnitDateExplanationUnitsCostTotal CostMay 1Inventory30$9$27015Purchases251025024Purchases3811418Totals93$938=Compute the e

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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