Little Wing Company has the following inventory information for May: May...
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Accounting
Little Wing Company has the following inventory information for May:
| May 1 | On hand, 30 units @ $5.00 each | $ 150 |
| May 8 | Purchased 110 units @ $7.00 each | 770 |
| May 15 | Sold 90 units @ $24.00 each | 2,160 |
| May 24 | Purchased 85 units @ $8.00 each | 680 |
| May 29 | Sold 65 units @ $24.00 each | 1,560 |
A. How many units are on hand on May 31?
B. How much is the cost of ending inventory at May 31 using LIFO?
C. How much is the ending inventory using FIFO?
D. How much is the ending inventory using the weighted average cost method?
E. What is the amount of the cost of goods sold under the FIFO method? Hint: When calculating the value of ending inventory and cost of goods sold, remember to consider how the sale on May 15 on the impact of the value of inventory.
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