The inventory records for Radford Co. reflected the following
|
Beginning inventory @ May 1 |
100 units @ $4.00 |
|
First purchase @ May 7 |
300 units @ $4.40 |
|
Second purchase @ May 17 |
500 units @ $4.60 |
|
Third purchase @ May 23 |
100 units @ $4.80 |
|
Sales @ May 31 |
900 units @ $7.80 |
1.Determine the weighted average cost per unit (rounded) for May.
A.$4.45
B.$4.50
C.$5.12
D.$6.34
2.Determine the amount of ending inventory assuming the FIFO cost flow method.
A.$480
B.$440
C.$400
D.$940
3.Determine the amount of gross margin assuming the FIFO cost flow method.
A.$2,920
B.$3,420
C.$3,000
D.$4,020
