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 1 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) FIF0 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.
for the month of May, in which 74 units were sold
Date Explanation Units Unit
Cost Total Cost
May 1 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) FIF0 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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