Question - 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.