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Little Wing Company has the following inventory information for May: May...

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Accounting

Little Wing Company has the following inventory information for May:

May 1

On hand, 30 units @ $5.00 each

$ 150

May 8

Purchased 110 units @ $7.00 each

770

May 15

Sold 90 units @ $24.00 each

2,160

May 24

Purchased 85 units @ $8.00 each

680

May 29

Sold 65 units @ $24.00 each

1,560

A. How many units are on hand on May 31?

B. How much is the cost of ending inventory at May 31 using LIFO?

C. How much is the ending inventory using FIFO?

D. How much is the ending inventory using the weighted average cost method?

E. What is the amount of the cost of goods sold under the FIFO method? Hint: When calculating the value of ending inventory and cost of goods sold, remember to consider how the sale on May 15 on the impact of the value of inventory.

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