Pass Go a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady, New York, locat Click the icon to view the purchases and sales
Read the requirements.
tableMay Purchased gallons @ $ eachMay Purchased gallons @ $ eachMay Sold gallons of milk to a customerMay Purchased gallons @ $ eachMay Sold gallons of milk to a customer
inventory purchased, sold, and on hand at the end of the period. Enter all amounts to the nearest cent, $XXX Enter the oldest inventory layers first
tableDatePurchases,Cost of Goods Sold,Inventory on HandQuantitytableUnitCosttableTotalCostQuantity,tableUnitCosttableTotalCostQuantity,tableUnitCosttableTotalCostMay cTotals
Requireme
Determine the amount that would be reported in ending merchandise inventory on May using the FIFO inventory costing method.
Determine the amount that would be reported in ending merchandise inventory on May using the LIFO inventory costing method.
Determine the amount that would be reported in ending merchandise inventory on May using the weightedaverage inventory costing method. Round all amounts to the nearest cent, $