Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Unit Units Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchases 25 11 275 24 Purchases 35 12 420 Totals 90 $935 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Unit Units Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchases 25 11 275 24 Purchases 35 12 420 Totals 90 $935 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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