Naab Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.

Instructions
Calculate the ending inventory at May 31 using the
(a) FIFO,
(b) Average-cost, and
(c) LIFO methods.
Prove the amount allocated to cost of goods sold under eachmethod.

Transcribed Image Text:

Units 30 25 40 95 Date Explanation Inventory Purchase Purchase Total Unit Cost May 1 15 24 Total Cost $270 250 440 $960 10