FIFO Inventory Date Units Cost Price Per Unit 1-May 100 700 LIFO Inventory 100 50 10-May 150 750 50 15-May 150 900 28-May 100 800 Total 500 $ 3,150 Valuation 100 Valuation A physical count of merchandise inventory count on May 31st reveals that there are 150 units on hand Q1) Using LIFO inventory method, i) calculate the value of ending inventory 3 on May 31st i) and the amount allocated to the cost of goods sold (COGS) 5 Inventory Units May 1st May 10th Value of Ending Inventory $ 250 E17 Cost of Goods Sold Allocated 1 Total Cost of units purchased $ 3,150 3 less Value of Ending Inventory COGS 5 6 7 Q2) Using FIFO inventory method, i) calculate the value of ending inventory 8 on May 31st ) and the amount allocated to the cost of goods sold (COGS) 9 0 Inventory 1 May 28th May 15th Units COM B COGS D Q2) Using FIFO inventory method, i) calculate the value of ending inventory on May 31st ii) and the amount allocated to the cost of goods sold (COGS) Inventory May 28th Units May 15th Value of Ending Inventory Cost of Goods Sold Allocated Total Cost of units purchased less Value of Ending Inventory COGS Q3) Using Average Cost inventory method, i) calculate the value of ending inventory on May 31st A E41 Total Cost Total # of Units $ 3,150 divded by 500 Average Cost per unit = multiply Inventory Units On Hand Average Cost =