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Naab Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 120 units were sold.
Naab Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 120 units were sold. Date Explanation Units Unit Cost Total Cost May 24 Purchase 61 17 1,037 Total 145 $2,251Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (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.)FIFO $ Average-cost $ LIFO $ Calculate the amount allocated to cost of goods sold under each method. FIFO $ Average-cost $ LIFO $
