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Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold. Date Explanation
Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
May 1 | Inventory | 28 | $8 | $224 | ||||
15 | Purchase | 23 | 11 | 253 | ||||
24 | Purchase | 36 | 13 | 468 | ||||
Total | 87 | $945 |
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round average unit cost to 2 decimal places, e.g. 2.51 and final answers to 0 decimal places, e.g. 125.)
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Ending inventory at May 31 | $enter ending inventory at May 31 under First In First Out in dollars | $enter ending inventory at May 31 under Last In First Out in dollars | $enter ending inventory at May 31 under average cost in dollars |
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