Question
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method?
Zambian Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.
Units Unit Cost Total Cost
May 1 Inventory 30 $9 $270
May 15 Purchases 25 11 $275
May 24 Purchases 35 12 $420
Totals 90 $965
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Sidney Davidson, Roman L. Weil, Clyde P. Stickney
2nd Edition
0030452961, 978-0030452963
