Periodic Inventory System and Inventory Costing Methods

P$2.$ The inventory of Wood$4$Fun and data on purchases and sales for a two$-$month period

follow. The company closes its books at the end of each month. It uses the periodic

inventory system.

Apr. $1$ Beginning inventory $50$ units @ $$204$

$10$ Purchase $100$ units @ $$220$

$17$ Sale $90$ units

$30$ Ending inventory $60$ units

May $2$ Purchase $100$ units @ $$216$

$14$ Purchase $50$ units @ $$224$

$22$ Purchase $60$ units @ $$234$

$30$ Sale $200$ units

$31$ Ending inventory $70$ units

REQUIRED

$1.$ Compute the cost of ending inventory of Wood$4$Fun on April $30$ and May $31$ using

the average$-$cost method. In addition, determine cost of goods sold for April and

May. $($Round unit costs to the nearest cent.$)$

$2.$ Compute the cost of the ending inventory on April $30$ and May $31$ using the FIFO

method. In addition, determine cost of goods sold for April and May.

$3.$ Compute the cost of the ending inventory on April $30$ and May $31$ using the LIFO

method. In addition, determine cost of goods sold for April and May.

$4.$ ACCOUNTING CONNECTION $$ Do the cash flows from operations