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2 years ago

Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold.

Business

1 answer:

Dimas [21]2 years ago

4 0

Answer:

a. Weighted-average unit cost = $9.092

b. We have:

Ending inventory at May 31 using the FIFO method = $290

Ending inventory at May 31 using the LIFO method = $232

Ending inventory at May 31 using the average-cost method = $264

Explanation:

a. Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average unit cost = Total Cost of units of inventory available for sale / Total units of units of inventory available for sale = $891 / 98 = $9.092

b. Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)

Ending inventory in units = Total units of units of inventory available for sale – Units sold = 98 - 69 = 29

Therefore, we have:

Ending inventory at May 31 using the FIFO method = Ending inventory in units * Unit cost of purchases on May 24 = 29 * $10 = $290

Ending inventory at May 31 using the LIFO method = Ending inventory in units * Unit cost of inventory on May 1 = 29 * $8 = $232

Ending inventory at May 31 using the average-cost method = Ending inventory in units * Weighted-average unit cost = 29 * $9.092 = $264

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