K Armed Forces Surplus began May 2021 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 319 stoves, and at May 31, the ending inventory consisted of 51 stoves. The sales price of each stove was $49. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory Data table May 6 110 stoves @ $20 = $ 2,200 May 18 120 stoves @ $25 = 3,000 May 26 40 stoves @ $30 = 1,200 Print Done - X

K Armed Forces Surplus began May 2021 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 319 stoves, and at May 31, the ending inventory consisted of 51 stoves. The sales price of each stove was $49. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory Data table May 6 110 stoves @ $20 = $ 2,200 May 18 120 stoves @ $25 = 3,000 May 26 40 stoves @ $30 = 1,200 Print Done - X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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