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.