The ending inventory at May 31 using FIFO is $312.
The ending inventory at May 31 using LIFO is $260.
The ending inventory at May 31 using average cost is $287.30.
Ending inventory = total purchases - total goods sold
100 - 74 = 26
The first in, first out (FIFO) method assumes that the earliest purchased inventories are the first to be sold to consumers. This means that the 26 units in the ending inventory would be made up of the inventories purchased on May 24.
Ending inventory = (26x 12) = $312
The last-in, first-out (LIFO) method assumes that the latest purchased inventories are the first to be sold to consumers. This means that the 26 units in the ending inventory would be made up of the May 1 inventories.
Ending inventory = 26 x $10 = $260
The average cost method using the weighted average cost to determine the value of goods sold
Weighted average = total cost of goods / number of goods bought
$1105 / 100 = $11.05
Ending inventory = 26 x $11.05 = $287.30
A similar question was answered here: brainly.com/question/14938191?referrer=searchResults
