Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 33 $8 $264 15 Purchase 27 9 243 24 Purchase 40 10 400 Total 100 $907 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars 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 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 33 $8 $264 15 Purchase 27 9 243 24 Purchase 40 10 400 Total 100 $907 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars 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 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...
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