Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information is for the inventory of

The following information is for the inventory of mini-kettles at Sarasota Company Limited for the...

50.1K

Verified Solution

Question

Accounting

image

The following information is for the inventory of mini-kettles at Sarasota Company Limited for the month of May: Unit Cost $4.20 Units Sold Unit Price Units In 130 800 Total Total $546 3,360 4.20 Date Transaction May 1 Balance 6 Purchase 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 350 350 $7.20 7.40 $2,520 2,590 410 4.80 1,968 220 7.80 1,716 320 4.80 1,536 410 7.80 3,198 540 4.40 2,376 25 Purchase 30 Sale Totals 7.60 1,672 220 1.550 2,200 $9,786 $11,696 Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO. $ Ending inventory e Textbook and Media Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under weighted average. (Round weighted average unit cost to 2 decimal places, e.g. 52.75 and final answer to O decimal places, e.g. 5,275.) $ Ending inventory

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students