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.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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.
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