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these two pics are one problem Practice Problem:...

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Accounting

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Practice Problem: Inventory Valuation Doherty Company's records show the following information related to one of its products. May 1 Balance on hand 300 units @ $5= $1,500 May 12 Purchased 600 units @ $6= $3,600 May 30 Purchased 100 units @ $7- $700 Doherty Company uses a periodic inventory system. Assuming that 600 units were sold during May. (Hint: Determine how many units are left!) Instructions: Compute the May 31 inventory and the cost of goods sold during May under each of the following methods: CHECK FIGURES ARE PROVIDED IN BOLD a. FIFO b. LIFO c. Weighted average ENDING INVENTORY COGS Periodic FIFO a. S2500 S3300 b. Periodic LIFO S2100 S3700 c. WT. AVG. S2320 $3480 Problem cont....... Now Doherty Company uses a perpetual system. Assuming that the 600 units sold during May were sold as follows: May 10 May 15 May 31 200 units 300 units 100 units Compute the ENDING INVENTORY (you need not compute COGS) under the following methods. Show computations clearly!! d. Moving Average S2436 Last moving Avg. unit cost is $6.09] e. Perpetual LIFO S2300

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