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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions.
The following transactions occurred for the month of May.
Date | Units | Cost | Total | Sales Price | |
1-May | Beginning Balance | 65 | 13 | $845 | |
2-May | Purchase | 75 | 14 | $1,050 | |
3-May | Purchase | 70 | 16 | $1,120 | |
10-May | Sale | 100 | $30 | ||
15-May | Purchase | 40 | 17 | $680 | |
17-May | Sale | 45 | $30 | ||
30-May | Sale | 100 | $30 |
Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction.
End of the month totals
Cost of Goods Sold | $ |
Ending Inventory | $ |
Gross Profit | $ |
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