Question

Deneen's Manufacturing plan had 600 adding machines on hand May 1, 2019, each costing $16 each. Purchases and sales during May:

MONTH

MONTH	DATE	PURCHASES	SALES
MAY	12	150 @17	200 @ $25
	14	100 @ $18
	29
	30		150 @ $30

DENEEN DOESN'T KEEP PERPETUAL INVENTORY RECORDS. SHE COUNTED 200 ADDING MACHINES ON HAND 5/31/2019.

1. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, AND COST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019, UNDER THE FIFO METHOD.

2. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, AND COST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019, UNDER THE LIFO METHOD?

3. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, AND COST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019, UNDER THE AVERAGE COST METHOD?.

Answer 1