The following information regarding inventory transactions isavailable for the m

Question

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

Date          Type ofEvent                             Number         Unit               Total

May                                                                ofUnits          Cost               Cost

1          Beginninginventory                            100             $12              $ 1,200

3          Purchase                                                 50                14                   700

12          Sale                                                         70                                                                   15          Sale                                                         60                                                                          20          Purchase                                                100                15                1,500

28          Sale                                                          60

Determine the correct balances at May 31 for MerchandiseInventory and Cost of Goods Sold under each of the followinginventory methods: (a) periodic FIFO, (b) periodic LIFO, and (c)weighted- average.

Explanation / Answer

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