Question

Nabobson Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 97 units were sold:

Date			Explanation		Units		Unit Cost		Total Cost
May	1		Inventory		37		$11		$407
May	15		Purchase		31		12		372
May	24		Purchase		50		14		700
			Total		118				$1,479

Calculate the ending inventory at May 31 using the FIFO and weighted-average cost formulas. (Round calculations for cost per unit to 4 decimal places, e.g. 10.1252. Round ending inventory under weighted average to 2 decimal places, e.g. 5,275.50.)

FIFO Weighted-average Ending inventory

Answer 1