Question: The following information regarding inventory transactions is available for the month of May. Determine the correct balances at May 31 for Merchandise Inventory and Cost

The following information regarding inventory transactions is available for the month of May.

Determine the correct balances at May 31 for Merchandise Inventory and Cost of Goods Sold under each of the following inventory methods:
(a) Periodic FIFO,
(b) Periodic LIFO, and
(c) Weighted-average.

Total Cost $1,200 700 Number of Units 100 50 70 60 100 60 Unit Cost $12 14 Date May 1 3 12 15 20 28 Type of Event Beginning inventory Purchase Sale Sale Purchase Sale 15 1,500

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