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Date May 1 Explanation Inventory invento ystem. Its Units 34 Unit Cost $9 cords show Total Cost $306

Date May 1 Explanation Inventory invento ystem. Its Units 34 Unit Cost $9 cords show Total Cost $306

FINANCIAL ACCOUNTING
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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Pharoah Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units 34 26t 40 100 Unit Cost $9 10 11 Total Cost $306 260 440 $1,006
Transcribed Image Text:Pharoah Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units 34 26t 40 100 Unit Cost $9 10 11 Total Cost $306 260 440 $1,006
Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) Ending inventory at May 31 $ FIFO LIFO AVERAGE-COST
Transcribed Image Text:Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) Ending inventory at May 31 $ FIFO LIFO AVERAGE-COST
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