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Horn Corp uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. Date Explanation
Horn Corp uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 35 | $8 | $280 | ||||
15 | Purchase | 25 | 9 | 225 | ||||
24 | Purchase | 40 | 10 | 400 | ||||
Total | 100 | $905 |
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)
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