Calculate the ending inventory

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Reference no: EM13911925

Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.

Date Explanation Units Unit Cost Total Cost

May 1 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) LIFO, and (c) average-cost methods. (For average-cost, round the unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

Reference no: EM13911925

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