In: Accounting
Buffalo Industries uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
---|---|---|---|---|---|---|---|---|
May 1 |
Inventory |
35 |
$9 |
$315 |
||||
15 |
Purchase |
25 |
10 |
250 |
||||
24 |
Purchase |
40 |
11 |
440 |
||||
Total |
100 |
$1,005 |
(a)
Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost |
$Enter the Weighted-average unit cost in dollars |
Calculate the ending inventory at May 31 using the FIFO, LIFO
and average-cost methods. (Round answers to 0 decimal
places, e.g. 125.)
FIFO |
LIFO |
AVERAGE-COST |
||||
---|---|---|---|---|---|---|
The ending inventory at May 31 |
$Enter a dollar amount | $Enter a dollar amount | $Enter a dollar amount |