Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units 38 25 Cost of goods sold 37 100 Ending inventory at May 31 +A $ Unit Cost tA $11 14 15 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Total Cost FIFO $418 350 555 $1,323 330 1031.94 +A LA LIFO 993
Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units 38 25 Cost of goods sold 37 100 Ending inventory at May 31 +A $ Unit Cost tA $11 14 15 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Total Cost FIFO $418 350 555 $1,323 330 1031.94 +A LA LIFO 993
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.
May 1
15
24
Inventory
Purchases
Purchases
Totals
Units
38
Cost of goods sold
25
37
100
Ending inventory at May 31
$
Unit Cost
$
$11
14
15
Total Cost
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
FIFO
$418
350
555
$1,323
330
1031.94
$
$
LIFO
993
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