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? $ 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.
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? $ 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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?
$
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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