Eastland company reports the following for the month of May.

Date: May 1, 12, 23, 30

Explanation: Inventory May 1, Purchase May 12, Purchase May 23, Inventory May 30.

Units: 200, 300, 500, 160

Unit Cost: $5, 6, 7

Total Cost: $1000, 1800, 3500

a) calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on May 15 for a selling price of $8 and a sale of 440 units on June 27 for 49.

Directions: Compute the ending inventory under 1) FIFO, 2) Lifo, and 3) Moving average cost.