11- Noor Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 8 $240 15 Purchases 25 11 275 24 Purchases 35 12 420 Totals 90 $935 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.

11- Noor Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 8 $240 15 Purchases 25 11 275 24 Purchases 35 12 420 Totals 90 $935 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.

Name: 11- Noor Co. uses a periodic inventory system. Its records showthe fo
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Description: 11- Noor Co. uses a periodic inventory system. Its records showthe following for the monthof May, in which 65 units were sold.Date Explanation Units Unit Cost Total CostMay 1 Inventory 30$ 8$24015Purchases 251127524Purchases 3512420Totals90$935Instr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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