Deneen's Manufacturing plan had 600 adding machines on hand May1, 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 200ADDING MACHINES ON HAND 5/31/2019.
1. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, ANDCOST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019, UNDER THE FIFOMETHOD.
2. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, ANDCOST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019, UNDER THE LIFOMETHOD?
3. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, ANDCOST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019, UNDER THEAVERAGE COST METHOD?.
