Question
AMADO Company has the following inventory, purchases, and sales data for the month of May. Beginning Inventory: July 1 100 units @ $2 $200 Purchases:
AMADO Company has the following inventory, purchases, and sales data for the month of May.
Beginning Inventory: July 1 100 units @ $2 $200
Purchases: July 10 40 units @ $3 120
July 20 100 units @ $5 500
Sales: July 12 80 units
July 27 30 units
Instructions:
Under a periodic inventory system, determine the cost of good sold & ending inventory cost at May 31 under FIFO & average cost
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
