Rusthe 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 each method.

Transcribed Image Text:

Unit Cost $ 9 Explanation Total Cost Date Units 30 25 38 May 1 $270 250 Inventory 15 10 11 Purchase 24 24 418 Total 93 $938