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The following merchandise inventory transactions occurred during the month of May for the Super Stars, Inc.:
May 1 Inventory on hand was 2,000 units at $10 each
May 9 Sold 1,000 units at $15 each
May 15 Purchased 1,500 units at $11 each
May 21 Sold 1,250 units at $14 each
May 29 Purchased 3,000 units at $9 each
Requirements
1. Assume Super Stars uses a periodic record-keeping system and compute the cost of goods sold for the month ended May 31 and ending inventory at May 31 using each of the following cost flow methods:
a. FIFO
b. LIFO
c. Weighted average cost
2. Using the information for item (1), calculate the inventory turnover ratio and average days in inventory for the month of May for each method.
3. Assume Super Stars uses the perpetual inventory system and compute the cost of goods sold for the month ended May 31 and ending inventory
at May 31 using each of the following cost flow methods:
a. FIFO
b. LIFO
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