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Question - One Corporation's beginning inventory and later purchases of inventory during May 2021 were as below:
May 01: Beginning inventory, 25 units @ $11 per unit.
May 13: Inventory purchased, 48 units @ $15 per unit.
May 25: Inventory purchased, 55 units @ $18 per unit.
One Corporation sold 45 units during the month of May 2021.
Required -
1. Calculate the cost of goods sold and ending inventory for May 2021 using both the Weighted Average cost and First in, first out (FIFO) method.
2. Record the journal entries for the May 13 purchase of inventory. Also record the journal entries when 20 units from this lot were sold for $25 each. Assume both purchase of inventory and its sale are on account.
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