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What would be the journal entry the company would make

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Question - Krazy kids has been quite successful. They sell all of their inventory in April, and then start buying again in May. We receive cash for all the sales. Here is what we find for the month of May:

Date Description Units / $s

May 1st Purchase 300 units @ $10

May 5th Sale 100 units @ $150

May 6th Purchase 50 units @ $12

May 8th Sale 225 units $160

A) If the Company uses the FIFO inventory method, what would be the journal entry the company would make for the sale on May 8th?

B) If the Company uses the FIFO inventory method, what would be the ending balance of inventory after the sale on May 8th?

C) Using the same information as above for the May purchases and sales, IF Krazy Kids uses the LIFO inventory method, what would be the journal entry the company would make for the sale on May 8th?

D) If the Company uses the LIFO inventory method, what would be the ending balance of inventory after the sale on May 8th?

E) If the Company uses the weighted average inventory method, what would be the journal entry the company would make for the sale on May 8th?

F) If the Company uses the Weighted Average inventory method, what would be the ending balance of inventory after the sale on May 8th?

Reference no: EM133062874

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