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Calculate the ending inventory at May

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Question - Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.

Date

Explanation

Units

Unit Cost

Total Cost

May 1

Inventory

33

$10

$330

May 15

Purchase

27

$11

$297

May 24

Purchase

40

$12

$480

Total

 

100

 

$1,107

Required - Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods.

Reference no: EM133038674

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