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Culver Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold. Date Explanation
Culver Corporation uses a periodic inventory system. Its records show the following for the month of May, in which 76 units were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 30 | $9 | $270 | ||||
15 | Purchase | 27 | 11 | 297 | ||||
24 | Purchase | 37 | 13 | 481 | ||||
Total | 94 | $1,048 |
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 0 decimal places, e.g. 125.)
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