Rusthe inc uses a periodic inventory system its records, Accounting Basics

Rusthe inc uses a periodic inventory system its records

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

(For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

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Accounting Basics: Rusthe inc uses a periodic inventory system its records

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Accounting Basics: Rusthe inc uses a periodic inventory system its records

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