Klumb Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
|
May-01 |
Inventory |
30 |
$9 |
$270 |
|
15 |
Purchase |
25 |
10 |
250 |
|
24 |
Purchase |
38 |
11 |
418 |
|
Total |
93 |
$938 |
Instructions
Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.