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Cullumber Company uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Units Unit
Cullumber Company uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.
Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 32 | $8 | $256 | |||||||
15 | Purchases | 26 | 11 | 286 | |||||||
24 | Purchases | 37 | 12 | 444 | |||||||
Totals | 95 | $986 |
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods.
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