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Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
Monty Corp. uses a periodic inventory system and reports the following for the month of June. Unit Cost Date Explanation Units Total Cost June 1 Inventory 130 $5 $ 650 12 Purchase 370 6 2,220 23 Purchase 190 7 1,330 30 Inventory 193 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to decimal places, e.g. 5,125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ Cost of goods sold $ $ $Step by Step Solution
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