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Skysong, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 81 units were sold. Unit Cost
Skysong, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 81 units were sold. Unit Cost Units May 1 38 $9 Inventory Purchases Total Cost $342 372 15 31 12 24 Purchases 44 13 572 Totals 113 $1,286 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 decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $ 416 $ 288 $ 704 Cost of goods sold $ 870 $ 998 $ 1858
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