Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory:
May
1
Beginning inventory
150
units @
$30
per unit
12
Purchased
100
units @
$35
per unit
16
Sold
180
units.
24
Purchased
170
units @
$38
per unit
Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.
Do not round until your final answers. Round your final answers to the nearest dollar.
A.
First-in, First-out:
Ending Inventory
$Answer
Cost of Goods Sold:
$Answer
B.
Last-in, first-out:
Ending Inventory
$Answer
Cost of Goods Sold:
$Answer
C.
Weighted-average cost:
Ending Inventory
$Answer
Cost of Goods Sold
$Answer
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
