Horne 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) FIFO,

(b) LIFO, and

(c) averagecost 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.

AppendixLO1