Zambia Co. uses a periodic inventory system. Its records show the following for the month of May,
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Zambia Co. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.
Instructions Compute the ending inventory at May 31 using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.
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Related Book For 
Financial Accounting Text Only
ISBN: 9780006575405
5th Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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