Calculate the Cost of Goods Sold Under Each of the Following

Short Answer

Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.Round to four decimal places.
$$\begin{array} { l r l l } \text { May } & 1 & \text { Beginuing inventory } & 70 @ \$ 25 \\& 10 & \text { Purchases } & 90 @ \$ 28 \\& 19 & \text { Purchases } & 50 @ \$ 30\end{array}$$
May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average