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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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