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Home Inc uses a periodic inventory system. Its records show the following for the month of May in which 103 units were sold. May1, Inventory
Home Inc uses a periodic inventory system. Its records show the following for the month of May in which 103 units were sold. May1, Inventory 42 units @$13 = $546, May 15 Purchases of 35 units @ 14 = $490, May 24 Purchases of 53 units @ $15=$795. What is the weighted average unit cost? Please also calculate the ending inventory at May 31 using FIFOi method. Now calculate ending inventory using LIFO method. What is the ending inventory at May 31 using the average cost?
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