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

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

InstructionsCalculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO 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.

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

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a FIFO Beginning inventory 30 X 9 270 Purchases May 15 25 X 10 250 May 24 38 ... View full answer

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