The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020. May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.
May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38
12 Purchase 600 units @ $25 20 Sale 540 units @ $38
28 Purchase 400 units @ $30
Instructions
a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average.
OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods.
b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
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