Morrison Inc. reported the following information for the month of May: Inventory, May 1 57 units @ $26 Purchase: May 7 46 units @ $28 May 18 71 units @ $30 May 27 38 units @ $32 During May, Morrison sold 137 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions? Assumption Cost of Goods Sold Ending Inventory 1. Of the 137 units sold, 48 cost $26, 32 cost $28, 53 cost $30, and 4 cost $32. $ $ 2. FIFO $ $ 3. LIFO $ $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) $ $

Answer rating: 100% (QA)

Specific Identification Date Particulars Units Cost Amount COGS May 01 Beginning Inventory 5700 2600 ... View the full answer