Question: Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.
Instructions: Calculate the ending inventory at May 31 using the
(a) FIFO,
(b) LIFO, and
(c) average cost methods.
(For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.