Determine the correct balances at may 31 for merchandise

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Reference no: EM13481916

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

Date Number Unit Total

Type of Event of Units Cost Cost

May1 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 Merchandise Inventory and Cost of Goods Sold under each of the following inventory methods:
(a) periodic FIFO
(b) periodic LIFO (c)weighted-average.

Reference no: EM13481916

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