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.


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