The following information is for the inventory of mini-kettles at Blue Spruce Company Limited for the month of May. Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 130 $4.20 $546 6 Purchase 800 4.20 3,360 7 Sale 320 $7.20 $2,304 10 Sale 320 7.60 2,432 12 Purchase 450 4.60 2,070 15 Sale 250 8.00 2,000 18 Purchase 330 4.80 1,584 22 Sale 450 8.00 3,600 25 Purchase 550 4.40 2,420 30 Sale 250 7.40 1,850 Totals 2,260 $9,980 1,590 $12,186 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $ Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.) Ending inventory $
The following information is for the inventory of mini-kettles at Blue Spruce Company Limited for the month of May. Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 130 $4.20 $546 6 Purchase 800 4.20 3,360 7 Sale 320 $7.20 $2,304 10 Sale 320 7.60 2,432 12 Purchase 450 4.60 2,070 15 Sale 250 8.00 2,000 18 Purchase 330 4.80 1,584 22 Sale 450 8.00 3,600 25 Purchase 550 4.40 2,420 30 Sale 250 7.40 1,850 Totals 2,260 $9,980 1,590 $12,186 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $ Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.) Ending inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is for the inventory of mini-kettles at Blue Spruce Company Limited for the month of May.
Date | Transaction | Units In |
Unit Cost |
Total | Units Sold |
Unit Price |
Total | ||||||||||||||
May 1 | Balance | 130 | $4.20 | $546 | |||||||||||||||||
6 | Purchase | 800 | 4.20 | 3,360 | |||||||||||||||||
7 | Sale | 320 | $7.20 | $2,304 | |||||||||||||||||
10 | Sale | 320 | 7.60 | 2,432 | |||||||||||||||||
12 | Purchase | 450 | 4.60 | 2,070 | |||||||||||||||||
15 | Sale | 250 | 8.00 | 2,000 | |||||||||||||||||
18 | Purchase | 330 | 4.80 | 1,584 | |||||||||||||||||
22 | Sale | 450 | 8.00 | 3,600 | |||||||||||||||||
25 | Purchase | 550 | 4.40 | 2,420 | |||||||||||||||||
30 | Sale | 250 | 7.40 | 1,850 | |||||||||||||||||
Totals | 2,260 | $9,980 | 1,590 | $12,186 |
Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO.
Ending inventory | $ |
Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.)
Ending inventory | $ |
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