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Please solve it within 20 mins. Question No 3: Fionnula Co. uses a periodic inventory system. Its records show the following for the month of
Please solve it within 20 mins.
Question No 3: Fionnula Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Date Particulars Units Unit cost May 1 Inventory 30 $8 May 15 Purchases 25 $11 May 24 Purchases 35 $12 Requirements: (Marks 12) 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 methodStep by Step Solution
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