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Compute the may 31 inventory and the cost of goods sold

Question - Doherty Company's records show the following information related to one of its products:

May 1 Balance on hand 300 units @ $5

May 12 Purchased 600 units @ $6

May 30 Purchased 100 units @ $7

Doherty Company uses a periodic inventory system. Assuming that 600 units were sold during May.

Compute the May 31 inventory and the cost of goods sold during May under each of the following methods: FIFO, LIFO, Weighted-Average.

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Accounting Basics: Compute the may 31 inventory and the cost of goods sold

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