Question

Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.


Instructions
Calculate the ending inventory at May 31 using the
(a) FIFO,
(b) LIFO, and
(c) average-cost methods. (For average-cost, round the average unit cost to three decimal places.)
Prove the amount allocated to cost of goods sold under eachmethod.


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  • CreatedApril 07, 2014
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