Accounting question: Pronghorn Corp uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.
Date Explanation Units Unit Cost Total Cost
May 1 Inventory 35 $8 $280
15 Purchase 25 9 225
24 Purchase 40 10 400
Total 100 $905
a) Calculate the weighted-average unit cost.
b) Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods