Question
Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold. Units Unit
Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold.
Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 42 | $15 | $630 | |||||||
15 | Purchases | 35 | 18 | 630 | |||||||
24 | Purchases | 49 | 19 | 931 | |||||||
Totals | 126 | $2,191 |
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO | LIFO | Average-cost | ||||
---|---|---|---|---|---|---|
Ending inventory at May 31 | $enter the ending inventory at May 31 as per FIFO amount in dollars | $enter the ending inventory at May 31 as per LIFO amount in dollars | $enter the ending inventory at May 31 as per Average-cost amount in dollars | |||
Cost of goods sold | $enter the cost of goods sold as per FIFO amount in dollars | $enter the cost of goods sold as per LIFO amount in dollars | $enter the cost of goods sold as per Average-cost amount in dollars |
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