Beginning inventory, purchases, and sales data for May for Ewert, Inc. are as follows:

May 1 Inventory 25 units at $10

4 Purchase 20 units at $12

12 Purchase 15 units at $15

Assume 30 units were sold during the month for a price of $25 per unit.

Required:

Part 1) Determine the COST OF GOODS SOLD under each of the following methods:

First-in first-out (FIFO)

Weighted-average

Last-in first-out (LIFO)

Part 2) Determine the ENDING INVENTORY under each of the following methods:

A) First-in first-out (FIFO)