Date Units Cost Price Per Unit LIFO Inventory FIFO Inventory 1-May 150 900 6.00 10-May 200 800 4.00 15-May 200 1000 5.00 28-May 150 1200 8.00 Total 700 $ 3,900 Valuation Valuation A physical count of merchandise inventory count on May 31st reveals that there are 200 units on hand Q1) Using LIFO inventory method, i) calculate the value of ending inventory on May 31st ii) and the amount allocated to the cost of goods sold (COGS) Units Inventory 7 ? Value of Ending Inventory Cost of Goods Sold Allocated Total Cost of units purchased less Value of Ending Inventory COGS Q2) Using FIFO inventory method, 1) calculate the value of ending inventory on May 31st ii) and the amount allocated to the cost of goods sold (COGS) Inventory Units Value of Ending Inventory Cost of Goods Sold Allocated Total Cost of units purchased less Value of Ending Inventory COGS + 2Q3) Using Average Cost inventory method, i) calculate the value of ending inventory 3 on May 31st Total Cost # of Units divded by B Average Cost per unit = multiply 0 Inventory Units On Hand, 1 Average Cost = 2 3