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In: Accounting

Buffalo Industries uses a periodic inventory system. Its records show the following for the month of...

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

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