Inventory Costing Methods

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

Inventory, May 1		59 units @ $22
Purchase:
May 7		51 units @ $24
May 18		62 units @ $26
May 27		42 units @ $27

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, 50 cost $22, 36 cost $24, 47 cost $26, and 4 cost $27.	$	$
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.)	$	$