Question
I need assistance with problem E6-5 in which i have attached. E6-5 Klumb Inc. uses a periodic inventory system. Its records show the following for
I need assistance with problem E6-5 in which i have attached. E6-5 Klumb Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 9 $270 15 Purchase 25 10 250 24 Purchase 38 11 418 Total 93 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.
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