Question

Swifty Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Units Cast Total Cost May 1 Inventory 33 $10 $330 15 Purchases 28 13 364 24 Purchases 39 14 546 Totals 100 $1,240 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $ $ $ Cost of goods sold $ $ $

          Swifty Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold.
Unit
Units
Cast
Total Cost
May 1
Inventory
33
$10
$330
15
Purchases
28
13
364
24
Purchases
39
14
546
Totals
100
$1,240
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO
LIFO
Average-cost
Ending inventory at May 31
$
$
$
Cost of goods sold
$
$
$

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Swifty Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold.
Unit
Units
Cast
Total Cost
May 1
Inventory
33
10330
15
Purchases
28
13
364
24
Purchases
39
14
546
Totals
100
1,240
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO
LIFO
Average-cost
Ending inventory at May 31

Cost of goods sold

Added by Austin L.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Arun Bana

Step 1

- May 1 beginning inventory: 33 units @ $10 = $330 - May 15 purchase: 28 units @ $13 = $364 - May 24 purchase: 39 units @ $14 = $546 - Total units available = 33 + 28 + 39 = 100 units - Total cost of goods available = $330 + $364 + $546 = $1,240 Show more…

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Swifty Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold: Unit Cost $10 13 14 Units 33 28 39 100 Total Cost $330 364 546 $1,240 May 1 15 24 Inventory Purchases Purchases Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647, and final answers to 0 decimal places, e.g. 5, 1.25.) FIFO LIFO Average-cost Ending inventory at May 31 Cost of goods sold

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