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Calculate the ending inventory at may 31

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Reference no: EM13531792

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.

Reference no: EM13531792

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