Camp Surplus began May with 67 tents that cost $25 each.
Camp Surplus began May with 67 tents that cost $25 each. During the month, Camp Surplus made the following
purchases at cost:
| May 6 | 101 tents @ $27 = $2,727 | |
| 18 | 163 tents @ $29 = $4,727 | |
| 26 | 41 tents @ $30 = $1,230 |
Camp Surplus sold 323 tents, and at May 31 the ending inventory consists of 49 tents. The sale price of each tent was $49.
Class…determine the cost of goods sold and ending inventory amounts for May under the
average cost, FIFO cost, and LIFO cost. Round average cost per unit to four decimal places, and
round all other amounts to the nearest dollar.
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