Question

Pearl Industries uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold. Explanation Units Date Unit Cost Total Cost $9 $324 May 1 Inventory 36 Purchase 240 15 24 10 Purchase 24 40 11 440 $1,004 Total 100 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Weighted-average unit cost eTextbook and Media Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST $ $ The ending inventory at May 31

Answer 1

Weighted average unit Cost = 1004/100 = 10.04 per unit

Calculate ending inventory

Ending inventory Unit = 100-76 = 24 Units

	FIFO	LIFO	average cost
The ending inventory at May 31	24*11 = 264	24*9 = 216	24*10.04 = 241