The following information regarding inventory transactions is available for the month of May.
|
Date |
Type of Event |
Number of Units |
Unit Cost |
Total Cost |
|
1 May |
Beginning inventory |
100 |
$12 |
$1,200 |
|
3 |
Purchase |
50 |
14 |
700 |
|
12 |
Sale |
70 |
||
|
15 |
Sale |
60 |
||
|
20 |
Purchase |
100 |
15 |
1,500 |
|
28 |
Sale |
60 |
Determine the correct balances at May 31 for Merchandise Inventory and Cost of Goods Sold under each of the following inventory methods: (a) periodic FIFO, (b) periodic LIFO, and (c) weighted average.