Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods.

Naab Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.

Date

Explanation

Units

Unit Cost

Total Cost

May 1

Inventory

30

$ 9

$ 270

May15

Purchase

25

10

250

May 24

Purchase

40

11

440

Total

95

$ 960

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.

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