[monkeykyi]

Hi ! I've honestly spent a long time trying to figure this out, but I keep getting the answer wrong and I'm not sure how I should go about this question. I'm not asking for you to just give me the answer, if you have time to give a little explanation that would be nice so I could understand what I'm doing thanks !





Q - Ultra Ltd has the following transaction of inventory, purchase and sale unit, cost and selling price for the month of may.

Date Transaction Unit Cost Selling Price
May 1 Inventory 800 4.50
May 6 Purchases 500 4.00
May 8 Purchase 100 4.40
May 10 Sales 500 6.50
May 14 Sales 400 6.50
May 16 Purchase 350 4.40
May 18 Purchase 300 5.00
May 20 Sales 660 7.00
May 21 Purchase 200 5.20
May 24 Sales 660 7.00
May 28 Purchase 100 6.10
May 30 Sales 160 7.10

At May 31, the physical inventory count shows 100 units of inventory on hand. According to the above transaction, determine the cost of inventory at hand May 31 and the cost of goods sold for May under the following inventory costing methods under the periodic inventory system.
(1) FIFO Method
(2) LIFO Method
(3) Weight Average Method
(4) Which inventory method should be uses of the Ultra Ltd give the highest profit according to calculation under periodic inventory system?