The inventory of Wood4Fun 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.

Required
1. Compute the cost of ending inventory of Wood4Fun 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. Do the cash flows from operations for April and May differ depending on which inventory costing method is used—average-cost, FIFO, or LIFO?Explain.

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Apr. 50 units @ $204 1 10 Purchase 17 Sale 30 Ending inventory Beginning inventory 100 units $220 90 units 60 units May 2 Purchase 100 units $216 14 Purchase 22 Purchase 30 Sale 31 Ending inventory 50 units @ $224 60 units @ $234 200 units 70 units