Question: 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

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.

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

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a FIFO Beginning inventory 30 X 9 270 Purchases May 15 25 X 10 250 May 24 40 X 11 440 690 Cost of go... View full answer

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