The following information is for the inventory of mini-kettles at Grouper 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 810 4.40 3,564 7 Sale 330 $7.20 $2,376 10 Sale 330 7.60 2,508 12 Purchase 410 5.00 2,050 15 Sale 230 8.00 1,840 18 Purchase 350 4.80 1,680 22 Sale 410 8.00 3,280 25 Purchase 540 4.60 2,484 30 Sale 230 7.60 1,748 Totals 2,240 $10,324 1,530 $11,752 (a1) Your answer has been saved. See score details after the due date. Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $Enter your answer in accordance to the question statement Attempts: 1 of 1 used (a2) Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under weighted average. (Round weighted average unit cost to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $Enter your answer in accordance to the question statement Save for Later
The following information is for the inventory of mini-kettles at Grouper 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 810 4.40 3,564 7 Sale 330 $7.20 $2,376 10 Sale 330 7.60 2,508 12 Purchase 410 5.00 2,050 15 Sale 230 8.00 1,840 18 Purchase 350 4.80 1,680 22 Sale 410 8.00 3,280 25 Purchase 540 4.60 2,484 30 Sale 230 7.60 1,748 Totals 2,240 $10,324 1,530 $11,752 (a1) Your answer has been saved. See score details after the due date. Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $Enter your answer in accordance to the question statement Attempts: 1 of 1 used (a2) Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under weighted average. (Round weighted average unit cost to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $Enter your answer in accordance to the question statement Save for Later
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information is for the inventory of mini-kettles at Grouper 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 | 810 | 4.40 | 3,564 | ||||||||||||||||
| 7 | Sale | 330 | $7.20 | $2,376 | ||||||||||||||||
| 10 | Sale | 330 | 7.60 | 2,508 | ||||||||||||||||
| 12 | Purchase | 410 | 5.00 | 2,050 | ||||||||||||||||
| 15 | Sale | 230 | 8.00 | 1,840 | ||||||||||||||||
| 18 | Purchase | 350 | 4.80 | 1,680 | ||||||||||||||||
| 22 | Sale | 410 | 8.00 | 3,280 | ||||||||||||||||
| 25 | Purchase | 540 | 4.60 | 2,484 | ||||||||||||||||
| 30 | Sale | 230 | 7.60 | 1,748 | ||||||||||||||||
| Totals | 2,240 | $10,324 | 1,530 | $11,752 |
(a1)
Your answer has been saved. See score details after the due date.
Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO.
| Ending inventory | $Enter your answer in accordance to the question statement |
Attempts: 1 of 1 used
(a2)
Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under weighted average. (Round weighted average unit cost to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)
| Ending inventory | $Enter your answer in accordance to the question statement |
Save for Later
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