Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 c
ID: 2452743 • Letter: J
Question
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations.
Average – Ending Inventory = $_________; Cost of Goods Sold = $_________.
FIFO – Ending Inventory = $_________; Cost of Goods Sold = $_________.
3. LIFO – Ending Inventory = $_________; Cost of Goods Sold = $_________.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Explanation / Answer
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 c
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