Question

4.Inventory Costing Methods Morrison Inc. reported the following information for the month of May: Inventory, May 1 57 units @ $26 Purchase: May 7 46 units @ $28 May 18 71 units @ $30 May 27 38 units @ $32 During May, Morrison sold 137 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 137 units sold, 48 cost $26, 32 cost $28, 53 cost $30, and 4 cost $32. $ $ 2. FIFO $ $ 3. LIFO $ $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) $ $

Answer 1

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Statementshowing Computations
Specific Identification
Date	Particulars	Units	Cost	Amount	COGS
May 01	Beginning Inventory	57.00	26.00	1,482.00
May07	Purchase	46.00	28.00	1,288.00
May 18	Purchase	71.00	30.00	2,130.00
May 27	Purchase	38.00	32.00	1,216.00
	Total	212.00		6,116.00
	COGS	137.00		3,862.00	48*26+32*28+53*30+4*32
	Ending Inventory	75.00		2,254.00
COGS	3,862.00
Ending Inventory	2,254.00
FIFO
Date	Particulars	Units	Cost	Amount	COGS
May 01	Beginning Inventory	57.00	26.00	1,482.00
May07	Purchase	46.00	28.00	1,288.00
May 18	Purchase	71.00	30.00	2,130.00
May 27	Purchase	38.00	32.00	1,216.00
	Total	212.00		6,116.00
	COGS	137.00		3,790.00	57*26+46*28+34*30
	Ending Inventory	75.00		2,326.00	37*30+38*32
COGS	3,790.00
Ending Inventory	2,326.00
LIFO
Date	Particulars	Units	Cost	Amount	COGS
May 01	Beginning Inventory	57.00	26.00	1,482.00
May07	Purchase	46.00	28.00	1,288.00
May 18	Purchase	71.00	30.00	2,130.00
May 27	Purchase	38.00	32.00	1,216.00
	Total	212.00		6,116.00
	COGS	137.00		4,130.00	38*32+71*30+28*28
	Ending Inventory	75.00		1,986.00	18*28+57*26
COGS	4,130.00
Ending Inventory	1,986.00
Weighted average
Date	Particulars	Units	Cost	Amount	COGS
May 01	Beginning Inventory	57.00	26.00	1,482.00
May07	Purchase	46.00	28.00	1,288.00
May 18	Purchase	71.00	30.00	2,130.00
May 27	Purchase	38.00	32.00	1,216.00
	Total	212.00	28.85	6,116.00
	COGS	137.00	28.85	4,130.00	137*28.85
	Ending Inventory	75.00	28.85	1,986.00	75*28.85
COGS	4,130.00
Ending Inventory	1,986.00