Question

Culver Corporation periodic inventory system. Its records show the following for the month of May, in which 76 units were sold uses a Date Explanation Units Unit Cost Total Cost May1 Inventory 15 Purchase 24 Purchase 30 27 37 94 $9 $270 270 407 947 10 Tota Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Weighted-average unit cost$ 10.07 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to O decimal places, eg. 125) FIFO LIFO AVERAGE-COST The ending inventory at May 31 Attempts: O of 2 used Check Answer

Answer 1

A. TOTAL NO. OF UNITS (OPENING + PURCHASES)	94
B. NO. OF UNITS SOLD	76
CLOSING NO. OF UNITS (A - B)	18

PARTICULARS	DETAILS	AMT (IN $)
A. FIFO METHOD
CLOSING INVENTORY	(18 x 11)	198
B. LIFO METHOD
CLOSING INVENTORY	(18 x 9)	162
C. WEIGHTED AVERAGE METHOD
CLOSING INVENTORY	(18 x 10.074)	181
CALCULATION OF WEIGHTED AVG. COST
TOTAL COST OF INVENTORY (i)		947
TOTAL NO OF UNITS (ii)		94
WEIGHTED AVERAGE COST PAR UNIT (i / ii)		10.074