XYour answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.) Cost of goods sold $ Ending Inventory $ 440 616

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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X Your answer is incorrect.
Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3
decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.)
Cost of goods sold
Ending Inventory
440
616
Transcribed Image Text:X Your answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.) Cost of goods sold Ending Inventory 440 616
Bridgeport Inc. uses a perpetual inventory system. Its records show the following for the month of May.
Date
May
May
May
May
1 Inventory
Purchase
15
18
Unit
Explanation Units Cost
24
Sale
Purchase
Total
-29
26
(42 )
40
53
$10
11
12
Total
Cost
$290
286
480
$1,056
Transcribed Image Text:Bridgeport Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May May May 1 Inventory Purchase 15 18 Unit Explanation Units Cost 24 Sale Purchase Total -29 26 (42 ) 40 53 $10 11 12 Total Cost $290 286 480 $1,056
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