Xiong Co. uses a periodic inventory system. Its records show the following for t
Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 102 units were sold.
Need assignment help for this question?
If you need assistance with writing your essay, we are ready to help you!
OUR PROCESS
Order
Payment
Writing
Delivery
Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality
|
Units |
Unit Cost |
Total Cost |
||
|
May 1 |
Inventory |
47 |
$11 |
$517 |
|
15 |
Purchases |
39 |
14 |
546 |
|
24 |
Purchases |
55 |
15 |
825 |
|
Totals |
141 |
$1,888 |
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
