Abc company employs a periodic inventory system and sells

Reference no: EM13578170

ABC Company employs a periodic inventory system and sells its inventory to customers for $15 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 180 units @ $5.00 cost per unit May 3 Purchased 270 units @ $6.00 cost per unit May 8 Sold 150 units May 13 Purchased 200 units @ $7.50 cost per unit May 18 Sold 225 units May 24 Sold 125 units May 30 Purchased 150 units @ $6.80 cost per unit During May, ABC Company reported operating expenses of $2,000 and had an income tax rate of 30%. 1. Calculate the dollar amount of ending inventory shown on ABC Company's May 31 balance sheet using the weighted average method. 2. Calculate the amount of net income reported on ABC Company's income statement for May using the LIFO method.

Reference no: EM13578170

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