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Wojcik Company uses the perpetual inventory system. The following information is available for the month of May:

Date	Purchases		Sales
	Units	Cost	Units	Price
Beginning inventory	30	$ 8
May 10	10	$12
May 15			10	$20
May 18	15	$14
May 21			15	$20
May 30	10	$15

Instructions

a. Calculate the cost of goods sold and ending inventory using the FIFO method of inventory valuation.

b. Calculate the cost of goods sold and ending inventory using the LIFO method of inventory valuation.

c. Calculate the cost of goods sold and ending inventory using the Average Cost method of inventory valuation.

d. Record the journal entries for the May 10, 18 and 30 purchases and the May 15 and 21 sales using the Average Cost method

(templates are posted below)

p. page 2

page 3

page 4

the last template is just a general journal, please answer the question on a similar template, thanks.

B C D E Purchases Units Cost Sales Units Price Date Beginning Inventory 1 B 4. 5 5 7 B 1 2 3 1 5 5 7 B 1 Sheet1 FIFO LIFO Average Journal Entries A B D E F H | J 1 FIFO 2. Purchase Unit Unit Amount Cost Total Cost Sale Unit Unit Amount Cost Total Cost Ending Balance Unit Unit Total Amount Cost Cost 5 6 Date 3 4. Beg. Inventory 5 6 7 8 9 10 8 9 11 12 13 14 15 16 17 18 19 20 Purchases 21 Beginning Inventory 22 Cost of Goods Available for Sale 1 0 0 0 - Cost of Goods Sold 0 = Ending Inventory 0 23 24 25 26 Unit Amount Sale Total Unit Cost Cost Ending Balance Unit Total Unit Cost Amount Cost 1 LIFO 2 Purchase Unit Total Date Unit Cost 3 Amount Cost 4. Beg. Inventory 5 6 7 8 9 10 11 12 13 14 15 Purchases 16 Beginning Inventory 17 Cost of Goods Available for Sale 18 19 20 21 22 23 24 3 0 0 0 - Cost of Goods Sold 0 = Ending Inventory 0 Average Cost Ending Balance Purchase Unit Total Unit Cost Amount Cost Sale Total Unit Cost Cost Unit Amount Date Unit Amount Unit Cost Total Cost Beg. Inv. Purchases Beginning Inventory Cost of Goods Available for Sale 0 0 0 Cost of Goods Sold 0.00 = Ending Inventory 0.00

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