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Calculate the cost of goods available for sale

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Reference no: EM132561428

The following transactions occurred during May for Hannah Pty ltd.

May 1 Inventory on hand was 20 units at a cost of $10 per unit

May 5 Purchased 15 units for cash for $17 per unit

May 10 Sold 25 units for cash at a selling price of $22 per unit

May 31 Inventory on hand was 10 units

Question (i) Calculate the cost of goods available for sale during May using the FIFO inventory costing method

Question (ii) Prepare the journal entries to record the two transactions in May using the FIFO costing method

Reference no: EM132561428

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