Vaughn Company had a beginning inventory on May 1, of 400 units of Product A at a cost of $7 per unit. During May, the following purchases and sales were made.

Purchases		Units	Cost/Unit	Sales		Units
May	6	375	9	May	4	275
	14	250	10		8	300
	21	300	11		22	450
	28	425	13		24	225
		1,350				1,250

Instructions: Compute the May 31 cost of ending inventory and May cost of goods sold under (a) FIFO, and (b) LIFO and (c) Average Cost.

CGS	Units	Unit cost
Beginning inventory 5/1	400	7	=	2,800
Purchase 5/6	375	9	=	3,375
Purchase 5/14	250	10	=	2,500
Purchase 5/21	300	11	=	3,300
Purchase 5/28	425	13	=	5,525
Cost of goods avalable for sale	1,750			17,500
Units sold	1,250
Units in ending inventory	500

1. FIFO

Cost of ending inventory

Cost of goods sold

2. LIFO

Cost of ending inventory

Cost of goods sold

3. Weighted average

Cost of ending inventory

Cost of goods sold