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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe1560fc4-c12a-4da4-b069-6c844e0f74d6%2Faa2691ee-403d-4341-9a59-be99acb482af%2F96uakof_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe1560fc4-c12a-4da4-b069-6c844e0f74d6%2Faa2691ee-403d-4341-9a59-be99acb482af%2Fd24xh05_processed.jpeg&w=3840&q=75)
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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