the following information is for the inventory of mini-kettles at Pronghorn Company Limited for the month of May. Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 100 $4.00 $400 6 Purchase 810 4.40 3,564 7 Sale 350 $7.20 $2,520 10 Sale 350 7.40 2,590 12 Purchase 450 5.00 2,250 15 Sale 250 8.00 2,000 18 Purchase 340 4.80 1,632 22 Sale 450 7.60 3,420 25 Purchase 510 4.60 2,346 30 Sale 250 7.60 1,900 Totals 2,210 $10,192 1,650 $12,430 1. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. 2. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average.
the following information is for the inventory of mini-kettles at Pronghorn Company Limited for the month of May.
|
Date |
|
Transaction |
|
Units |
|
Unit |
|
Total |
Units |
|
Unit |
|
Total |
||||||||
|
May 1 |
|
Balance |
|
100 |
|
$4.00 |
|
$400 |
|
|
|
|
|
|
|||||||
|
6 |
|
Purchase |
|
810 |
|
4.40 |
|
3,564 |
|
|
|
|
|
|
|||||||
|
7 |
|
Sale |
|
|
|
|
|
|
350 |
|
$7.20 |
|
$2,520 |
||||||||
|
10 |
|
Sale |
|
|
|
|
|
|
350 |
|
|
7.40 |
|
2,590 |
|||||||
|
12 |
|
Purchase |
|
450 |
|
5.00 |
|
2,250 |
|
|
|
|
|
|
|||||||
|
15 |
|
Sale |
|
|
|
|
|
|
250 |
|
|
8.00 |
|
2,000 |
|||||||
|
18 |
|
Purchase |
|
340 |
|
4.80 |
|
1,632 |
|
|
|
|
|
|
|||||||
|
22 |
|
Sale |
|
|
|
|
|
|
450 |
|
|
7.60 |
|
3,420 |
|||||||
|
25 |
|
Purchase |
|
510 |
|
4.60 |
|
2,346 |
|
|
|
|
|
|
|||||||
|
30 |
|
Sale |
|
|
|
|
|
|
250 |
|
|
7.60 |
|
1,900 |
|||||||
|
Totals |
2,210 |
|
|
|
$10,192 |
1,650 |
|
|
|
|
$12,430 |
|
1. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO.
2. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average.
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