How to calculate ending inventory at May 31 using a)FIFO b)average cost c)LIFO?

Question

Naab Inc. employs a periodic inventory system. For the month of May, its records indicate the following transactions prior to the end of the month, during which 78 units were sold:
| Date      | Explanation | Units | Unit Cost | Total Cost |
|-----------|-------------|-------|-----------|------------|
| May 1     | Inventory   | 30    | $9        | $270       |
| May 15    | Purchase    | 25    | $10       | $250       |
| May 24    | Purchase    | 40    | $11       | $440       |
| Total |             | 95    |           | $960   |
Please calculate the ending inventory as of May 31 using the following methods: 
(a) FIFO (First-In, First-Out) 
(b) Average Cost 
(c) LIFO (Last-In, First-Out)
(Round all answers to 0 decimal places, e.g., 2,555. For average cost computations, round the per unit cost to 3 decimal places, e.g., 2.550.)

Estell Rempel · Accepted Answer

Well for FIFO the answer i think is 18717 of the 40 units that remain of the may 24 purchases are multiplied with 11(cost per unit)  = 187For LIFO the answer is 153 The purchases made on 15th and 24th are sold off but 17 units of the opening inventory which are remaining are mulitplied with 9 (cost per unit) = 153For average cost it is i think 170 although the exact answer is 171.789Average Cost = 960/95 = 10.10Then 10.10 x 17 units = 170 (after rounding off)(assuming those 78 units are sold after may 24)

Shakira Block

How to calculate ending inventory at May 31 using a)FIFO b)average cost c)LIFO?

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