Compute the ending inventory at may and cost of goods sold


Problem

Blossom company uses a periodic inventory system. Its records show the following for the month of May in which 137 units were sold.

Date          Explanation          Units          Unit Cost          Total Cost
May 1         Inventory              63                 $11                   $693
May 15       Purchases             53                 $14                   $742
May 24       Purchases             74                 $15                   $ 1110
Totals                                      190                                        $2545

Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and average cost methods.

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Financial Accounting: Compute the ending inventory at may and cost of goods sold
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