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Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. May 1 15 24 Inventory 30 Purchases 25 Purchases Totals Units 38 Cost of goods sold 93 Ending inventory at May 31 Unit Cost $9 10 11 S Total Cost 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, eg. 15.647 and final answers to O decimal places, eg. 5,125) FIFO $270 250 418 $938 LIFO Average-cost

Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. May 1 15 24 Inventory 30 Purchases 25 Purchases Totals Units 38 Cost of goods sold 93 Ending inventory at May 31 Unit Cost $9 10 11 S Total Cost 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, eg. 15.647 and final answers to O decimal places, eg. 5,125) FIFO $270 250 418 $938 LIFO Average-cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units Unit Cost 30 $9 25 Cost of goods sold 38 93 Ending inventory at May 31 $ 10 $ 11 Total Cost 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 $270 250 418 $938 $ LIFO $ Average-cost
Transcribed Image Text:Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units Unit Cost 30 $9 25 Cost of goods sold 38 93 Ending inventory at May 31 $ 10 $ 11 Total Cost 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 $270 250 418 $938 $ LIFO $ Average-cost
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