AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Date Particulars Units Unit Cost Total Cost May 1 Inventory 35 9 315 17 Purchases 35 7 245 20 Purchases 10 12 120 Total 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Date Particulars Units Unit Cost Total Cost May 1 Inventory 35 9 315 17 Purchases 35 7 245 20 Purchases 10 12 120 Total 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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- AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold
Date |
Particulars |
Units |
Unit Cost |
Total Cost |
May 1 |
Inventory |
35 |
9 |
315 |
17 |
Purchases |
35 |
7 |
245 |
20 |
Purchases |
10 |
12 |
120 |
Total |
|
80 |
|
680 |
Instructions:
Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
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