Beginning inventory, purchases, and sales data for May are as follows:

May 1 Inventory 40 units at $10

4 Purchase 30 units at $12

12 Purchase 45 units at $15

The business maintains a periodic inventory system. Assume 60 units were sold during the month.

Required

Part 1) Determine the COST OF GOODS SOLD under each of the following methods:

A)First-in first-out (FIFO)

B)Last-in first-out (LIFO)

C)Weighted-average

Part 2) Determine the ENDING INVENTORY under each of the following methods:

A)First-in first-out (FIFO)

B)Last-in first-out (LIFO)

C)Weighted-average