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Calculate the amount allocated to cost of goods sold under each method.

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Naab Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.;Date Explanation Units Unit Cost Total Cost;May 1 Inventory 30 $9 $270;May 15 Purchase 25 10 250;May 24 Purchase 40;11 440;Total 95;$960;Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (Round all answers to 0 decimal places, e.g. 2,555. For average cost computations round the per unit cost to 3 decimal places, e.g. 2.550.);FIFO $;Average-cost $;LIFO $;Calculate the amount allocated to cost of goods sold under each method.;FIFO $;Average-cost $;LIFO $

 

Paper#25335 | Written in 18-Jul-2015

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