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9-10 Zambia Pastry uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.
9-10 Zambia Pastry uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchases 24 Purchases Totals 338 25 11 275 35 12 420 90 $935 Instructions Compute the ending inventory at May 31 using the FIFO and the LIFO methods. Prove the amount allocated to cost of goods sold under each method.
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