Use the following information for question 17-18.Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory andpurchases of a particular product during the month of May were as follows:Quantity32Unit Cost ($)Beginning inventory (1 May)Purchases (11 May.)Purchase (25 May.)5467.528On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained ininventory at 31 May.Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, theending inventory at 31 May is:A. $268.17.$295.$378.B.C.D. $405.Page 5 of 1218. Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flowassumption, the cost of goods sold to be recorded at 24 May is:A. $323.B. $308.C. $273.D. $347.

17.Calculate ending inventory under FIFO method:Therefore, Option C, $378 is the correct answer.

Answered: Use the following information for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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