Klumb Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.
| Date Don't use plagiarized sources. Get Your Custom Essay on klumb inc uses a periodic inventory system its records show the following for the mo 533818 For $10/Page 0nly | Explanation | Units | Unit Cost | Total Cost |
| May-01 | Inventory | 30 | $9 | $270 |
| 15 | Purchase | 25 | 10 | 250 |
| 24 | Purchase | 38 | 11 | 418 |
| Total | 93 | $938 |
Instructions
Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.
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