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The following information regarding inventory transactions is available for the month of May. May Date Type of Event # of units Unit cost Total Cost

The following information regarding inventory transactions is available for the month of May.

May

Date

Type of Event

# of units

Unit cost

Total Cost

1

Beginning Inventory

100

$ 12.00

$ 1,200.00

3

Purchase

50

$ 14.00

$ 700.00

12

Sale

70

15

Sale

60

20

Purchase

100

$ 15.00

$ 1,500.00

28

Sale

60

Determine the correct balances at May 31 for merchandise Inventory and Cost of Goods Sold under each of the following inventory methods: (a) periodic FIFO, (b) periodic LIFO, and (c) weighted average.

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