Compute the ending inventory at May 31 and cost of goods sold using the FIFO and average-cost methods. Prove the amount allocated to cost of goods sold under each method. (Round all unit cost calculations for the average-cost method to the nearest cent and total cost to the nearest euro.)

Compute inventory and cost of goods sold using FIFO and average-cost.

E6.6 (LO 2) Howsham Interiors reports the following for the month of June.

Date Unit Unit cost Total cost

June 1 Inventory 200 5 1000

12 Purchase 300 6 1800

23 Purchase 500 7 3500

30 Inventory 160

E6.6 (LO 2) Howsham Interiors reports the following for the month of Junc. Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) average-cost. b. Which costing method gives the higher ending inventory? Why? c. Which method results in the higher cost of goods sold? Why? Compute inventory under FIFO and average-cost