10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1Inventory 30 15 Purchase 22 24 Purchase 38 Totals OMR 9 JOMR 270 11 242 12 456 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.
10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1Inventory 30 15 Purchase 22 24 Purchase 38 Totals OMR 9 JOMR 270 11 242 12 456 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![10. Zaynab Company uses a periodic inventory system. Its records
show the following for the month of May, in which 60 units
were sold.
Units Unit Cost Total Cost
........
May 1Inventory 30
15 Purchase
OMR 9 OMR 270
22
11
242
24 Purchase
38
12
456
Totals
90
OMR968
Instructions: Compute the ending inventory at May 31 and cost
of goods sold using the FIFO, LIFO and Average-cost methods.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fe4c272-0ed8-46c2-9946-34465d45e126%2Fa8eae0c5-341c-4c93-9bc5-a18cf1a38bd3%2Fhcek38g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10. Zaynab Company uses a periodic inventory system. Its records
show the following for the month of May, in which 60 units
were sold.
Units Unit Cost Total Cost
........
May 1Inventory 30
15 Purchase
OMR 9 OMR 270
22
11
242
24 Purchase
38
12
456
Totals
90
OMR968
Instructions: Compute the ending inventory at May 31 and cost
of goods sold using the FIFO, LIFO and Average-cost methods.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education