- Pina Inc Uses A Perpetual Inventory System Its Records Show The Following For The Month Of May Date May May 15 May Ma 1 (55.86 KiB) Viewed 9 times
Pina Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May 15 May May 1 Explanation Units Inventory 24 Purchase 18 Sale Purchase Total 29 27 (41) 38 94 Unit Cost $8 9 10 Total Cost $232 243 380 $855
Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold (b) Ending Inventory $ eTextbook and Media Cost of goods sold $ Ending Inventory Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, e.g 5.25.) $ 340 $ 515 Attempts: 1 of 3 used