Morrison Inc. reported the following information for the month of May:
| Inventory, May 1 | 59 units @ $22 | |
| Purchase: | ||
| May 7 | 51 units @ $24 | |
| May 18 | 62 units @ $26 | |
| May 27 | 42 units @ $27 |
During May, Morrison sold 137 units. The company uses a periodic inventory system.
Required:
What is the value of ending inventory and cost of goods sold for May under the following assumptions.
| Assumption | Cost of Goods Sold | Ending Inventory |
| 1. Of the 137 units sold, 50 cost $22, 36 cost $24, 47 cost $26, and 4 cost $27. | $ | $ |
| 2. FIFO | $ | $ |
| 3. LIFO | $ | $ |
| 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) | $ |
