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Cullumber Company uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date Explanation

Cullumber Company 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

34

$9

$306

15

Purchase

26

10

260

24

Purchase

40

11

440

Total

100

$1,006

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Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average unit cost

$

Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods.

FIFO

LIFO

AVERAGE-COST

The ending inventory at May 31

$ $ $

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