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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Practice Pack
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
 
Expert Solution
trending now

Trending now

This is a popular solution!

video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 5 steps with 5 images

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education