1. The following schedule presents the beginning inventory, purchases and sales for Evan Corporations major product during the month of May. The company uses the perpetual approach only for units of product.

Units Amount per Unit

May 1 Beginning Inventory 100 $42

May 7 Purchase 500 44

May 12 Purchase 600 48

May 21 Purchase 450 51

May 30 Purchase 600 53

At the end of May, there were 680 units in the warehouse.

Required:

Calculate the ending inventory and cost of goods sold for the month of May under the following inventory costing methods:

1. FIFO Method
2. LIFO Method
3. Weighted-average Method