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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
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 29 $9 $261 15 Purchase 25 11 275 24 Purchase 40 13 520 Total 94 $1,056 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round average unit cost to 2 decimal places, e.g. 2.51 and final answers to O decimal places, e.g. 125.) Ending inventory +A $ at May 31 FIFO $ LIFO tA AVERAGE-COST
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