Inventory Costing Methods

Morrison Inc. reported the following information for the month of May:

May 1	Inventory	67 units @ $18
May 7	Purchase	53 units @ $20
May 18	Purchase	64 units @ $21
May 27	Purchase	41 units @ $22

During May, Morrison sold 145 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 145 units sold, 56 cost $18, 37 cost $20, 48 cost $21, and 4 cost $22.	$	$
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.)	$	$