Zambian Co. uses a periodic inventory system. Its records show the following for the month of May,

Question:

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 15 Purchases 22 11 242 24 Purchases 38 12 456 Totals 90 €968

Instructions

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and average-cost methods. Prove the amount allocated to cost of goods sold under each method.

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Accounting Principles

ISBN: 978-1119419617

IFRS global edition

Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt

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Question Posted: Jul 09, 2020 04:03 AM

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Zambian Co. uses a periodic inventory system. Its records show the following for the month of May,

Question:

Units Unit Cost Total Cost May 1 Inventory 30 € 9 €270 15 Purchases 22 11 242 24 Purchases 38 12 456 Totals 90 €968

Step by Step Answer:

Calculation of Units in Ending Inventory Units in End...View the full answer

Accounting Principles

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