Question - Doherty Company's records show the following information related to one of its products:
May 1 Balance on hand 300 units @ $5
May 12 Purchased 600 units @ $6
May 30 Purchased 100 units @ $7
Doherty Company uses a periodic inventory system. Assuming that 600 units were sold during May.
Compute the May 31 inventory and the cost of goods sold during May under each of the following methods: FIFO, LIFO, Weighted-Average.