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Q 2

17 The ending inventory of Lazy Company, which uses a periodic inventory system, was understated $8,000 on December 31, 2020. Because of this error, 2020 net income was o understated $2,000. o understated $8,000. overstated $5,000. O overstated $8,000. 10 all Vougt Inc, which uses a periodic inventory system to value its inventory, had a beginning inventory on May 1, of 400 units of Product A with a cost of $7 per unit. During May, the following purchases and sales were made. Purchases Sales May 6 units at 375 $9 May 4 275 units May 14 units at 250 $10 May 8 350 units May 21 units at 300 $11 May 22 450 units May 28 units at 425 $13 May 24 225 units Total 1,350 1,300 Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Enter numbers without any format (e.g., 62500; 1800). Inventory Method Ending Inventory Costs of Goods Sold (a) Average Cost (b) FIFO (c) LIFO