Sign In Sign Up Ask an AI advisor
edual7545
edual7545
26.03.2020 • 
Business

Pronghorn Corp uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.
Date Explanation Units Unit Cost Total Cost
May 1 Inventory 35 $8 $280
15 Purchase 25 9 225
24 Purchase 40 10 400
Total 100 $905
Required:
1. Calculate the weighted average unit cost. (Round answer to 3 decimal places, eg. 5.125.)
2. Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)

Solved
Show answers

Ask an AI advisor a question

I want advice