The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4 per unit May 7 Purchase 12 units @ $5 per unit May 10 Sale 14 units May 17 Purchase 10 units @ $6 per unit May 19 Sale 4 units Required:
The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4 per unit May 7 Purchase 12 units @ $5 per unit May 10 Sale 14 units May 17 Purchase 10 units @ $6 per unit May 19 Sale 4 units Required:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information is available for Goode Company:
May 1 Beginning inventory
18 units @ $4 per unit
May 7 Purchase
12 units @ $5 per unit
May 10 Sale
14 units
May 17 Purchase
10 units @ $6 per unit
May 19 Sale
4 units
Required:
Answer the following questions for Goode Company:
a. If perpetual FIFO is used, what is the total ending inventory in dollars?
b. If perpetual LIFO is used, what is the cost of goods sold for the month?
$fill in the blank 2
c. If weighted average is used, what is the ending inventory? Do not round intermediate calculations.
Round your final answer to two decimal places.
d. If moving average is used, what is the cost per unit sold for the May 10 sale? Round your answer to
two decimal places.
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