The following information is for the inventory of mini-kettles at Flounder Company Limited for the month of May. Date May 1 6 7 10 12 15 18 22 25 (a1) 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Ending inventory Units In $ 140 800 400 320 530 2,190 Unit Cost $4.40 4.50 5.00 5.10 4.40 Total $616 3,600 2,000 1,632 2,332 $10,180 Units Sold 330 330 240 400 240 1,540 Unit Price $7.40 7.60 8.00 7.60 7.60 Total $2,442 2,508 1,920 3,040 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. 1,824 $11,734
The following information is for the inventory of mini-kettles at Flounder Company Limited for the month of May. Date May 1 6 7 10 12 15 18 22 25 (a1) 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Ending inventory Units In $ 140 800 400 320 530 2,190 Unit Cost $4.40 4.50 5.00 5.10 4.40 Total $616 3,600 2,000 1,632 2,332 $10,180 Units Sold 330 330 240 400 240 1,540 Unit Price $7.40 7.60 8.00 7.60 7.60 Total $2,442 2,508 1,920 3,040 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. 1,824 $11,734
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following information is for the inventory of mini-kettles at Flounder Company Limited for the month of May.
Date
May 1
6
7
10
12
15
18
22
25
(a1)
30
Totals
Transaction
Balance
Purchase
Sale
Sale
Purchase
Sale
Purchase
Sale
Purchase
Sale
Ending inventory
Units
In
$
140
800
400
320
530
2,190
Unit
Cost
$4.40
4.50
5.00
5.10
4.40
Total
$616
3,600
2,000
1,632
2,332
$10,180
Units
Sold
330
330
240
400
240
1,540
Unit
Price
$7.40
7.60
8.00
7.60
7.60
Total
$2,442
2,508
1,920
3,040
Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO.
1,824
$11,734
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